European liability union

Published on in Foreign Exchange News by

Decisions made by Euro Officials mean the Euro holds onto its gains from the end of last week.

The fact that Spanish banks will get direct access to ESM funding, as leaders paved the way for a `European liability union’ helped the Euro stay strong. However, after being delayed by weeks of political upheaval, Greece’s foreign creditors (Troika) are back for talks, so Greek Prime Minister Samaras and his new government will be braced for a tough week as Athens seeks an extension to the conditions of its loans. One further word of note comes from Germany, where opposition parties and activist groups have filed suits challenging the country’s participation in the fiscal compact and the ESM after the Bundestag and Bundesrat approved the measures on Friday.

The next moves this week are likely to be dictated by monetary policy meetings both by the ECB (potential rate cut of 0.5%) and the Bank of England (further Q/E possible). Meanwhile, the Pound is trading with a weaker sentiment against the stronger Euro and rumoured corporate interest to sell Pounds above $ 1.5700.

Main Currency Pairs * Friday Today
GBP/EUR 1.24130 1.23950
GBP/USD 1.56040 1.56820
GBP/CAD 1.60000 1.59530
GBP/NZD 1.95570 1.95110
GBP/AUD 1.53460 1.52870
GBP/AED 5.72990 5.75700
EUR/USD 1.25770 1.26540
GBP/CHF 1.50340 1.48940
GBP/ZAR 13.0951 12.7805
GBP/SEK 11.0170 10.8736
GBP/JPY 123.427 124.108
GBP/PLN 5.36670 5.26620
USD/PLN 3.45240 3.37470
EUR/PLN 4.28720 4.24880
EUR/CHF 1.20100 1.20300
GBP/MAD 13.7904 13.7232
PLN/EUR 0.23330 0.23540
GBP/CZK 32.3089 31.7799
GBP/DKK 9.30460 9.21340
GBP/HKD 12.0610 12.1044
GBP/HUF 360.305 356.681
GBP/NOK 9.44670 9.33690
GBP/INR 88.3808 86.9113
GBP/THB 49.5575 49.4212

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