Greek coalition government fail to agree on austerity measures

Published on in Foreign Exchange News by

The Euro and global stocks have made significant gains after the euphoria of the first week of trading in September. Last week’s ECB’s meeting and then the disappointing US employment report Friday were both touted as catalysts and as a result the USD has weakened against a broad range of currencies.

The two major talking points this week will be the German Constitutional Court deciding on the legality of the ESM on Wednesday and finding out at the FOMC meeting on Thursday whether or not the US Fed will unveil QE3. Also, the Greek coalition government will meet again Wednesday after failing to agree to more austerity measures, but overall the sentiment has now appeared to have reversed for the Euro.

Sterling opens around the $ 1.6000, a close above here over the next few sessions would technically signal further upside potential in the weaker USD environment.

Main Currency Pairs * Friday Today
GBP/EUR 1.26010 1.25110
GBP/USD 1.59690 1.59930
GBP/CAD 1.56790 1.56320
GBP/NZD 1.98740 1.97300
GBP/AUD 1.54540 1.54570
GBP/AED 5.84440 5.86760
EUR/USD 1.26700 1.27810
GBP/CHF 1.51830 1.52230
GBP/ZAR 13.3083 13.1083
GBP/SEK 10.7140 10.6521
GBP/JPY 125.202 125.844
GBP/PLN 5.24120 5.17430
GBP/SGD 1.98370 1.97550
EUR/PLN 4.15940 4.12240
EUR/CHF 1.20490 1.21280
GBP/MAD 13.9339 13.9214
PLN/EUR 0.24040 0.24260
GBP/CZK 31.1278 30.8611
GBP/DKK 9.38940 9.35370
GBP/HKD 12.3523 12.3693
GBP/HUF 359.677 360.236
GBP/NOK 9.28990 9.25440
GBP/INR 88.6454 88.1700
GBP/THB 49.7329 49.7590

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