panish regional government of Catalonia requesting a € 5 billion bail-out

Published on in Foreign Exchange News by

There was growing speculation yesterday that ECB President Draghi is on the verge of a new bond buying programme after he pulled out of the Central Bankers meeting due to be held at Jackson Hole in the USA this Friday.

As a result of Draghi’s actions the Euro rallied against a basket of currencies testing last week’s highs versus the USD. However, German Bundesbank chief Jens Weldman voiced German opposition to the plan stating ‘it risked becoming a drug on which debt ridden governments would get hooked on’. A rather dramatic statement perhaps but it all remains very political at the moment. Further adding to the Euro woes is the Spanish regional government of Catalonia requesting a € 5 billion bail-out; another blow in Spain’s attempt to avoid a full bail-out itself.

Sterling is relatively unchanged as the UK government’s economic policies are repeatedly criticized in the press. The election campaigning in the USA is building and the size of the US budget deficit will at some stage hit the headlines. As a result currencies are in somewhat of a consolidation stage for the time being.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25880 1.25840
GBP/USD 1.57780 1.58180
GBP/CAD 1.56150 1.56410
GBP/NZD 1.95360 1.97210
GBP/AUD 1.52060 1.52640
GBP/AED 5.79310 5.80560
EUR/USD 1.25290 1.25620
GBP/CHF 1.51560 1.51130
GBP/ZAR 13.2694 13.2734
GBP/SEK 10.3979 10.3693
GBP/JPY 124.565 124.059
GBP/PLN 5.14610 5.16070
GBP/SGD 1.97780 1.97730
EUR/PLN 4.07800 4.10120
EUR/CHF 1.20100 1.20100
GBP/MAD 13.9232 13.8991
PLN/EUR 0.24520 0.24380
GBP/CZK 31.3525 31.2420
GBP/DKK 9.39920 9.37330
GBP/HKD 12.2639 12.2470
GBP/HUF 350.373 353.567
GBP/NOK 9.20570 9.17330
GBP/INR 88.0445 87.9086
GBP/THB 49.4119 49.437

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