Current market favours the Euro

Published on in Foreign Exchange News by

The Euro and global stocks have held on to their gains as the USD reversal continues.

It is reported that France is now pressing Spain to snub German concerns and request help from the European Union to contain the Euro area financial crisis. Current market sentiment favours the Euro but only a break of the €/$ 1.3000 level would influence further USD weakness. However, with key events in Europe behind us, attention now shifts to the FOMC policy decision this evening when it is expected to initiate a new open ended asset purchase program. Should the Fed leave policy unchanged tonight, one would expect the USD to temporarily rally.

Meanwhile, Sterling holds onto its gains versus the USD and is relatively unchanged versus the Euro although there is reported corporate buying interest at € 1.2430-€ 1.2400 levels if seen.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25040 1.24650
GBP/USD 1.61130 1.61170
GBP/CAD 1.56700 1.57420
GBP/NZD 1.95840 1.96280
GBP/AUD 1.53500 1.54410
GBP/AED 5.91580 5.91780
EUR/USD 1.28870 1.29150
GBP/CHF 1.51340 1.50720
GBP/ZAR 13.1420 13.3857
GBP/SEK 10.6258 10.5694
GBP/JPY 124.969 125.296
GBP/PLN 5.14940 5.10500
GBP/SGD 1.97360 1.97630
EUR/PLN 4.10820 4.09270
EUR/CHF 1.20740 1.20830
GBP/MAD 13.8953 13.8498
PLN/EUR 0.24340 0.24430
GBP/CZK 30.7696 30.4852
GBP/DKK 9.34090 9.29790
GBP/HKD 12.4293 12.4742
GBP/HUF 357.082 353.411
GBP/NOK 9.26170 9.23910
GBP/INR 88.6739 88.8400
GBP/THB 49.8145 49.8017

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