Recapitalisation for Spanish banks

Published on in Foreign Exchange News by

The Euro bounced back from its two year lows versus the USD on Friday as it met some profit taking on ‘short positions’ after its two week fall.

Overall the markets have traded in a tight range in the Far East ahead of Fed Chairman Bernanke’s testimony to Congress this week and the Euro Group meeting on Friday which will finalise details of the recapitalisation for Spanish banks. In the meantime the Euro remains vulnerable against a basket of currencies, as German Chancellor Merkel yesterday hardened Germany’s position in an attempt to share burdens in Europe. This was further compounded by some economists suggesting that a weaker Euro will be required in order to stimulate economic growth for the area.

Sterling rallied on Friday against a basket of currencies after the Bank of England and UK Treasury delivered the long awaited details of its new lending program. As a result it bounced from the major support level of $ 1.5400 and is now comfortably trading above $ 1.5500 and € 1.2700. Should we close the week above $ 1.2750, technically a move to € 1.2900+ would be targeted.

Main Currency Pairs * Friday Today
GBP/EUR 1.26400 1.27360
GBP/USD 1.54310 1.55170
GBP/CAD 1.56860 1.57560
GBP/NZD 1.94620 1.95360
GBP/AUD 1.52540 1.52180
GBP/AED 5.66720 5.70490
EUR/USD 1.22050 1.21850
GBP/CHF 1.52300 1.52500
GBP/ZAR 12.8850 12.8965
GBP/SEK 10.8811 10.8884
GBP/JPY 122.534 122.667
GBP/PLN 5.33620 5.34770
USD/PLN 3.45550 3.45610
EUR/PLN 4.20810 4.21130
EUR/CHF 1.20100 1.20090
GBP/MAD 13.9169 13.9668
PLN/EUR 0.23760 0.23750
GBP/CZK 32.2648 32.2476
GBP/DKK 9.43060 9.44570
GBP/HKD 11.9781 12.0029
GBP/HUF 365.965 366.921
GBP/NOK 9.47380 9.44890
GBP/INR 86.3619 85.3257
GBP/THB 49.1377 48.9651

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