ESM funding cannot exceed € 190 billion

Published on in Foreign Exchange News by

As expected the German Constitutional Court has approved the permanent Euro Zone rescue fund, the European Stability Mechanism (ESM). One of the conditions attached is that ESM funding cannot exceed € 190 billion, if so, it would have to be put forward to the lower parliament for approval. Considering the size of recent gains made by the Euro, the short term risk could be for a correction lower, but news that Rajoy may ask for ECB bond buying assistance has lent some support to Euro this morning.

So, the recovery for the Euro continues having gained almost 6% in the last six weeks versus the USD with recent stock market gains also adding support. The USD in general is weaker again ahead of the Federal Reserve policy decision tomorrow, however above €/$ 1.2930, there is reported selling interest (possibly profit taking from the speculative community). Sterling is also holding onto its gains against the USD, however is weaker against a basket of other currencies including the Euro, next major technical level to watch is € 1.2400.

Also worth noting are the Dutch elections being held today with early results due this evening.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25160 1.25040
GBP/USD 1.60200 1.61130
GBP/CAD 1.56000 1.56700
GBP/NZD 1.97300 1.95840
GBP/AUD 1.54700 1.53500
GBP/AED 5.88160 5.91580
EUR/USD 1.27950 1.28870
GBP/CHF 1.51200 1.51340
GBP/ZAR 13.1600 13.1420
GBP/SEK 10.6300 10.6258
GBP/JPY 125.250 124.969
GBP/PLN 5.13750 5.14940
GBP/SGD 1.97400 1.97360
EUR/PLN 4.10500 4.10820
EUR/CHF 1.20750 1.20740
GBP/MAD 13.8582 13.8953
PLN/EUR 0.24360 0.24340
GBP/CZK 30.7300 30.7696
GBP/DKK 9.32800 9.34090
GBP/HKD 12.4200 12.4293
GBP/HUF 356.640 357.082
GBP/NOK 9.26500 9.26170
GBP/INR 88.7000 88.6739
GBP/THB 49.7800 49.8145

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