Spanish economy continues to falter

Published on in Foreign Exchange News by

Fed Chairman Bernanke gave some hope of additional Q/E on Friday and there are growing expectations in the market that the ECB will now action bond purchases at their meeting on Thursday despite more strong opposition from the German Bundesbank.

Over the weekend Spanish PM Rajoy called for the ECB to act as the Spanish economy continues to falter. While, in the bigger picture stock markets have held up very well since Draghi’s initial comments last month on ‘doing all it can to save the Euro’ and as a result the Euro has indeed recovered. It will be an important two weeks for markets in general.

Sterling has held onto its gains against the USD ahead of reported corporate interest at $1.5900 and a tad firmer against the Euro. This has come after the UK government announce plans to stimulate the economy via relaxation of green belt planning laws and the creation of a government backed bank with a target of funding medium size businesses in order to create jobs.

GBP/EUR 1.26030 1.26330
GBP/USD 1.58180 1.58760
GBP/CAD 1.56810 1.56540
GBP/NZD 1.97510 1.98800
GBP/AUD 1.53260 1.53420
GBP/AED 5.81040 5.80980
EUR/USD 1.25550 1.25610
GBP/CHF 1.51360 1.51010
GBP/ZAR 13.4206 13.3483
GBP/SEK 10.5521 10.4825
GBP/JPY 124.674 124.439
GBP/PLN 5.30500 5.25180
GBP/SGD 1.98660 1.98000
EUR/PLN 4.19680 4.17650
EUR/CHF 1.20090 1.20090
GBP/MAD 13.9389 13.8785
PLN/EUR 0.23830 0.23940
GBP/CZK 31.4967 31.2355
GBP/DKK 9.41730 9.36980
GBP/HKD 12.2986 12.2988
GBP/HUF 360.624 356.680
GBP/NOK 9.19920 9.17010
GBP/INR 88.2151 88.0553
GBP/THB 49.7573 49.6825

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