Netherlands to block the ESM

Published on in Foreign Exchange News by

The initial euphoria from the Euro summit has slipped after the first doubts became visible yesterday.

Finland and the Netherlands have suggested they will block the ESM from buying European bonds on the secondary market. While in 2-3 weeks time in Germany the constitutional court will pass judgment on the legal action already filed against such a move by the ESM. As a unanimous decision is needed from the member states it is becoming a little concerning as to whether this can now be implemented or not.

Despite this, the Euro opens relatively unchanged as market participants are happy to wait for Thursday’s ECB rate decision. Sterling has also managed to hold onto its gains despite a report from the British Chambers of Commerce suggesting that UK’s growth is currently too weak to see any upturn this year.

Traders seem content to wait for Thursday’s ECB and Bank of England meetings to be out of the way as market sentiment remains buy into this recent USD weakness.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.23950 1.24580
GBP/USD 1.56820 1.56870
GBP/CAD 1.59530 1.59180
GBP/NZD 1.95110 1.95360
GBP/AUD 1.52870 1.52890
GBP/AED 5.75700 5.76060
EUR/USD 1.26540 1.25880
GBP/CHF 1.48940 1.49420
GBP/ZAR 12.7805 12.7803
GBP/SEK 10.8736 10.8743
GBP/JPY 124.108 124.997
GBP/PLN 5.26620 5.24870
USD/PLN 3.37470 3.35150
EUR/PLN 4.24880 4.22050
EUR/CHF 1.20300 1.20150
GBP/MAD 13.7232 13.7693
PLN/EUR 0.23540 0.23690
GBP/CZK 31.7799 31.7311
GBP/DKK 9.21340 9.24550
GBP/HKD 12.1044 12.1472
GBP/HUF 356.681 355.926
GBP/NOK 9.33690 9.35890
GBP/INR 86.9113 86.8275
GBP/THB 49.4212 49.5200

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