Spanish bond yields rose due to awaited Spanish budget release

Published on in Foreign Exchange News by
As anti-cuts protests mar the streets of the Spanish and Greek capitals we find currencies relatively unchanged from yesterday’s opening levels.

The Euro traded lower versus the USD yesterday afternoon as Spanish bond yields rose ahead of the long awaited Spanish budget release. Full details from the budget are expected to be announced at a press conference later today and many investors will view the planned fiscal savings and structural reforms as integral parts of any future bailout package for Spain. However, as the market awaits the Spanish news there appears some confusion over the 2013 budget as the proud but dithering Spanish government attempt to avoid the humiliation (and crippling conditions) of a full bailout. Either way we can expect to have a greater understanding of the budget intentions and potential ramifications come tomorrow.

Despite this wave of negativity the Euro did manage to recover overnight as investors appear to be a little more optimistic this morning despite the lack of any major financial news. One piece of news on the wires last night was confirmation by an Iranian official that they were open to dialogue with the US, which saw Far East stock market’s rally and as a result the USD weakened across a broad range of currencies, albeit it small.

Sterling traded in tandem with the Euro yesterday briefly trading below $ 1.6150 only to recover overnight, while against the Euro the Pound opens unchanged. Investors remain longer term ‘bearish’ for the USD, however without doubt Euro Zone events this week have put these expectations for a weaker USD on hold.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25770 1.26000
GBP/USD 1.61920 1.62160
GBP/CAD 1.58830 1.59340
GBP/NZD 1.97090 1.95820
GBP/AUD 1.56160 1.56260
GBP/AED 5.94420 5.93810
EUR/USD 1.28750 1.28500
GBP/CHF 1.52060 1.52070
GBP/ZAR 13.2945 13.2973
GBP/SEK 10.6372 10.6929
GBP/JPY 126.265 125.576
GBP/PLN 5.19520 5.22220
GBP/SGD 1.99120 1.99320
EUR/PLN 4.13800 4.15110
EUR/CHF 1.20920 1.20880
GBP/MAD 13.9405 13.9475
PLN/EUR 0.24170 0.24090
GBP/CZK 31.2881 31.4291
GBP/DKK 9.36160 9.37990
GBP/HKD 12.5883 12.5299
GBP/HUF 355.719 359.517
GBP/NOK 9.29060 9.31310
GBP/INR 86.5625 86.4763
GBP/THB 50.2185 50.0780

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