Greece unable to deliver current bail-out targets to IMF and ECB

Published on in Foreign Exchange News by

Once again Spain and Greece dominate the Eurozone headlines this morning.

It is reported that due to progressive economic weakening in the country auditors from the IMF and ECB doubt that Greece will be able to meet its current bail-out targets. As a result, any decisions on further funding may be delayed until September.
There are also more issues for Spain to deal with as the regional governments debts begin to spiral out of control.

Despite all this the Euro selling has ceased for the time being as the markets take a breather as the summer season begins. A weekly close below $ 1.2100 is the next technical level to watch.

Sterling has also lost ground against a basket of currencies after the much weaker Q2 GDP reading yesterday. UK economic data will be closely monitored over the next month as, unsurprisingly, financial headlines now talk of the UK potentially losing is `AAA’ ratings. Only with a close below $ 1.5400 and € 1.2700 would the Pound look vulnerable to further weakness and it just so happens to be reported that there is corporate demand for the Pound at these levels.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.27750 1.27810
GBP/USD 1.54780 1.55030
GBP/CAD 1.57820 1.57420
GBP/NZD 1.97090 1.95870
GBP/AUD 1.50830 1.50240
GBP/AED 5.68280 5.69000
EUR/USD 1.21180 1.21270
GBP/CHF 1.54270 1.53350
GBP/ZAR 13.2087 13.0660
GBP/SEK 10.8176 10.8008
GBP/JPY 121.554 121.259
GBP/PLN 5.41210 5.35440
GBP/SGD 1.95560 1.94880
EUR/PLN 4.21330 4.19360
EUR/CHF 1.20100 1.20100
GBP/MAD 14.0957 14.0169
PLN/EUR 0.23730 0.23850
GBP/CZK 32.8054 32.6353
GBP/DKK 9.55580 9.49770
GBP/HKD 12.0457 12.0189
GBP/HUF 371.137 368.501
GBP/NOK 9.46950 9.40950
GBP/INR 87.1458 87.0084
GBP/THB 49.3654 49.0973

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