Foreign exchange new update

Published on in Foreign Exchange News by

Despite a greater than expected deterioration in UK public finances Sterling hit a fresh 3 ½ year high against the Euro on Friday.

News that Spain’s Valencia region will seek government help to repay its debts has further undermined the single currency. While there is genuine market concern that Spain may not be able to avoid asking for a full scale bailout as its increased borrowing costs soar to levels seen as unsustainable.

Continued pressure came from weekend press headlines which have not helped the Euro in early trading. A German news magazine reported the IMF planned to stop its participation in the additional bail-out for Greece because the Greek government has not complied with the agreed-upon reforms and is thus unable to meet fiscal targets. This, in turn, has refuelled speculation of an imminent Greek default.

The Pound mirrored the Euros losses against the dollar and will continue trade in tandem with EUR/ USD moves.

Main Currency Pairs * Friday Today
GBP/EUR 1.28160 1.28260
GBP/USD 1.57030 1.55300
GBP/CAD 1.58320 1.57870
GBP/NZD 1.95550 1.96250
GBP/AUD 1.50700 1.51030
GBP/AED 5.76180 5.70260
EUR/USD 1.22560 1.21120
GBP/CHF 1.53380 1.53960
GBP/ZAR 12.7941 13.0245
GBP/SEK 10.8614 10.8614
GBP/JPY 123.257 123.158
GBP/PLN 5.31090 5.34800
GBP/SGD 1.96720 1.96980
EUR/PLN 4.15840 4.16260
EUR/CHF 1.20100 1.20090
GBP/MAD 14.0454 14.1019
PLN/EUR 0.24050 0.23920
GBP/CZK 32.3512 32.8515
GBP/DKK 9.50030 9.55790
GBP/HKD 12.1711 12.1583
GBP/HUF 362.771 367.405
GBP/NOK 9.54980 9.53680
GBP/INR 86.3780 86.7643
GBP/THB 49.5875 49.6872

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