whatever is needed to preserve the Euro

Published on in Foreign Exchange News by

A boost of confidence from the ECB saw global markets rally yesterday.

ECB President Draghi pledged ‘to do whatever is needed to preserve the Euro’ and suggested they (the ECB) may intervene in bond markets as surging yields in Spain and Italy threaten the existence of the bloc. This came as some surprise to market participants and as a result global stocks rallied aggressively, the Euro gained momentum climbing more against the USD than in almost a month, and both Spanish and Italian bond yields fell giving short term relief for both countries fiscal concerns.

The USD in general has weakened across a broad range of currencies having seen medium term gains this year. Sterling also climbed against the USD but remains unchanged versus the Euro. Despite all this, the long term trend of a weaker Euro remains in place until any potential action is seen by the ECB.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.27810 1.28010
GBP/USD 1.55030 1.56930
GBP/CAD 1.57420 1.58460
GBP/NZD 1.95870 1.95470
GBP/AUD 1.50240 1.50640
GBP/AED 5.69000 5.76310
EUR/USD 1.21270 1.22560
GBP/CHF 1.53350 1.53720
GBP/ZAR 13.0660 12.9893
GBP/SEK 10.8008 10.7952
GBP/JPY 121.259 122.368
GBP/PLN 5.35440 5.30220
GBP/SGD 1.94880 1.95910
EUR/PLN 4.19360 4.15060
EUR/CHF 1.20100 1.20100
GBP/MAD 14.0169 14.0599
PLN/EUR 0.23850 0.24090
GBP/CZK 32.6353 32.5818
GBP/DKK 9.49770 9.50230
GBP/HKD 12.0189 12.1496
GBP/HUF 368.501 363.835
GBP/NOK 9.40950 9.45200
GBP/INR 87.0084 86.9622
GBP/THB 49.0973 49.4750

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