central bank’s asset purchase program

Published on in Foreign Exchange News by
Stock markets weakened globally after one of the leading hawks on the Federal Reserve Charles Plosser slammed the central bank’s new asset purchase program on Tuesday.

Plosser stated that ‘it wasn’t necessary, wouldn’t work and is risky’ while an IMF report also added that risks in the financial system remain high, which eventually led to a strengthening of the USD late yesterday. Further adding to the USD strength was a joint statement issued by German, Dutch and Finnish officials in which Spain and Ireland were essentially told that their banking problems are theirs and theirs alone and that Mr Draghi had better be prepared to dig deep into the ECB’s deep-pockets to help.

Demonstrations in Madrid over PM Mariano Rajoy’s austerity measures yesterday have heaped pressure on a dithering Spanish government. These problems are exacerbated by Spain’s Catalonia region which announced it will hold early regional elections in November where a win for the conservatives would strengthen their call for independence thus causing more political turmoil for Spain. Similar problems prevail in Greece where general strikes against further austerity will also test PM Samaras’s coalition.

All told the EUR/USD has failed to test €/$ 1.3000 this week so the Euro opens weaker across a broad range of currencies as markets focus on the problems still faced within the Euro Zone. Meanwhile, Sterling opens at a two week low of $ 1.6165 and is a little firmer versus the Euro.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25810 1.25770
GBP/USD 1.63300 1.61920
GBP/CAD 1.59120 1.58830
GBP/NZD 1.96960 1.97090
GBP/AUD 1.55770 1.56160
GBP/AED 5.95840 5.94420
EUR/USD 1.29020 1.28750
GBP/CHF 1.51790 1.52060
GBP/ZAR 13.4502 13.2945
GBP/SEK 10.6586 10.6372
GBP/JPY 126.493 126.265
GBP/PLN 5.21340 5.19520
GBP/SGD 1.99180 1.99120
EUR/PLN 4.15400 4.13800
EUR/CHF 1.20950 1.20920
GBP/MAD 13.9387 13.9405
PLN/EUR 0.24070 0.24170
GBP/CZK 31.3002 31.2881
GBP/DKK 9.35780 9.36160
GBP/HKD 12.5665 12.5883
GBP/HUF 355.522 355.719
GBP/NOK 9.33360 9.29060
GBP/INR 86.6817 86.5625
GBP/THB 50.1368 50.2185

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