USD opens weaker on currency markets

Published on in Foreign Exchange News by

The USD opens weaker as markets gear themselves up for a dovish testimony by Federal Reserve Chairman Bernanke to Congress over the next two days

Traders will be looking for any clues relating to QE3 but the Chairman is likely to disappoint again and is expected to reiterate that they will only step in IF we see clear signs of economic deterioration. Still failure to break Fridays two year lows of €/$1.2160 resulted in short Euro position squaring ahead of Bernanke’s testimony.

Despite this, sentiment remains Euro negative as markets will be in limbo for another two months until the ruling from Germany over the legality of the bail-out fund (ESM) is complete. Thus, leaving the credit crisis in Spain, Italy, Portugal and Greece to fester.

Sterling led the way yesterday trading as high as € 1.2765 only to pare back gains after the IMF has again slashed growth forecasts for the UK. There is rumoured corporate interest to sell Sterling around the $ 1.5700 level.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.27360 1.27100
GBP/USD 1.55170 1.56270
GBP/CAD 1.57560 1.58560
GBP/NZD 1.95360 1.95510
GBP/AUD 1.52180 1.57900
GBP/AED 5.70490 5.73900
EUR/USD 1.21850 1.22950
GBP/CHF 1.52500 1.53110
GBP/ZAR 12.8965 12.8406
GBP/SEK 10.8884 10.9874
GBP/JPY 122.667 122.705
GBP/PLN 5.34770 5.33450
GBP/SGD NaN 1.96660
EUR/PLN 4.21130 4.18440
EUR/CHF 1.20090 1.20100
GBP/MAD 13.9668 14.0071
PLN/EUR 0.23750 0.23900
GBP/CZK 32.2476 32.3661
GBP/DKK 9.44570 9.48460
GBP/HKD 12.0029 12.0418
GBP/HUF 366.921 367.351
GBP/NOK 9.44890 9.50090
GBP/INR 85.3257 85.8873
GBP/THB 48.9651 49.1203

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