More Bonds for the Foreign Exchange Markets

Published on in Foreign Exchange News by

Despite comments from finance ministers of Spain and Germany stating that high bond yields do not reflect “the fundamentals of the Spanish economy, its growth potential and the sustainability of its public debt” the Euro negative trend continues.

With sustained pressure on the Euro eyes will stay focused on the European sovereign bond yields issue over this summer period and the market may look for safety in other currencies. With this in mind the IMF stated last night that China faces significant downside risks, which led to falls in Far Eastern stocks and as a result the USD strengthened.

So the trend continues, a weaker Euro with USD demand on any signs of weakness as Europe remains the main core of all this uncertainty. Technically, a close below €/$ 1.2050 could then target a move towards the €/$ 1.19 zone. Meanwhile, Sterling held onto its recent gains against the Euro and we can expect corporate demand for Sterling nearing the $ 1.5400 support level if seen.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.28090 1.27750
GBP/USD 1.54970 1.54780
GBP/CAD 1.57910 1.57820
GBP/NZD 1.95820 1.97090
GBP/AUD 1.50630 1.50830
GBP/AED 5.71190 5.68280
EUR/USD 1.20980 1.21180
GBP/CHF 1.54010 1.54270
GBP/ZAR 13.1385 13.2087
GBP/SEK 10.8371 10.8176
GBP/JPY 121.467 121.554
GBP/PLN 5.38190 5.41210
GBP/SGD 1.95740 1.95560
EUR/PLN 4.19680 4.21330
EUR/CHF 1.20100 1.20100
GBP/MAD 14.0589 14.0957
PLN/EUR 0.23830 0.23730
GBP/CZK 32.8020 32.8054
GBP/DKK 9.54040 9.55580
GBP/HKD 12.0414 12.0457
GBP/HUF 369.762 371.137
GBP/NOK 9.46520 9.46950
GBP/INR 86.8889 87.1458
GBP/THB 49.3332 49.3654

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