Sterling shines again as it opens above €/£ 1.2500

Published on in Foreign Exchange News by
The USD is a little weaker from yesterday’s closing levels.

We open just below the psychological level of €/$ 1.3000 amid rumours that the EU are in talks over a Spanish rescue plan which would involve unlimited bond buying by the ECB. The rules being, long term reforms to the Spanish economy rather than the touted taxes and spending cuts. Supposedly the deal will be announced next Thursday.

Spanish bond yields are lower today after yesterday’s successful auction. In previous stimuli by the Federal Reserve (Q1 & Q2) any USD selling stalled within 48 hours, however their commitment this time to lower rates is a little stronger and traders prefer the `sell USD rally’ scenario even though the same pattern has occurred. Should we not be able to hold above the €/$ 1.3000 level as we close the week, buyers of USD’s will probably re-appear as seen in the last 24 hours despite additional positive Euro news.

Sterling shines again, as we open above the €/£ 1.2500 level, and there is reported corporate interest to sell Sterling ahead of the € 1.2550 and $ 1.6300 levels.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24990 1.25010
GBP/USD 1.61840 1.62930
GBP/CAD 1.58410 1.58760
GBP/NZD 1.96750 1.95730
GBP/AUD 1.55840 1.55060
GBP/AED 5.94280 5.98300
EUR/USD 1.29410 1.30340
GBP/CHF 1.50680 1.51070
GBP/ZAR 13.3504 13.5046
GBP/SEK 10.6159 10.6084
GBP/JPY 127.544 126.486
GBP/PLN 5.15170 5.20450
GBP/SGD 1.98340 1.98430
EUR/PLN 4.13530 4.16450
EUR/CHF 1.20950 1.20880
GBP/MAD 13.8585 13.8853
PLN/EUR 0.24180 0.24010
GBP/CZK 30.9829 31.1234
GBP/DKK 9.28680 9.31660
GBP/HKD 12.5584 12.5505
GBP/HUF 352.685 355.425
GBP/NOK 9.25810 9.28800
GBP/INR 87.4598 87.9646
GBP/THB 49.9377 50.0194

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