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Currency Exchange News for today

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The USD initially strengthened then gave back its gains for the second day in a row after Ben Bernanke’s two day congressional testimony. The final interpretation of the Fed Chairman’s address reflected that of the FOMC’s last statement, which loosely translates to additional monetary stimulus being implemented only if data should show further signs of economic weakening.

The minimal over night market movements would suggest that some long term ‘Euro short positions’ have now been squared and as such today’s Spanish bond auction results are likely to dictate the next short term move for the Euro. As it stands sentiment remains ‘bearish’ for the Euro however as summer markets are upon us the Euro opens firmer and currency markets will lack liquidity going forward. Meanwhile, Sterling has again held onto gains made this week although the resistance level at $ 1.5700 has yet to be tested and there is rumoured corporate interest to sell.

Commodity currencies led by the Aussie $ are firmer after news stated that the Bundesbank are expected to add AUD’s to its reserves in Q3; could this suggest the possibility of selling Euro’s? Also, as tensions rise again in the Middle East oil trades back above the $90.00 level and should the situation worsen then the USD may attract further buying interest.

*Main Currency Pairs Yesterday Today
GBP/EUR 1.27220 1.27500
GBP/USD 1.56320 1.56530
GBP/CAD 1.58310 1.58150
GBP/NZD 1.95820 1.94950
GBP/AUD 1.51540 1.50380
GBP/AED 5.73510 5.75090
EUR/USD 1.22830 1.22750
GBP/CHF 1.52770 1.53190
GBP/ZAR 12.7795 12.7631
GBP/SEK 10.8794 10.8325
GBP/JPY 123.460 123.253
GBP/PLN 5.30500 5.33100
GBP/SGD 1.97100 1.96630
EUR/PLN 4.17050 4.17950
EUR/CHF 1.20100 1.20100
GBP/MAD 13.9769 14.0189
PLN/EUR 0.23980 0.23930
GBP/CZK 32.2330 32.2423
GBP/DKK 9.46650 9.48830
GBP/HKD 12.1164 12.1037
GBP/HUF 364.829 364.668
GBP/NOK 9.50840 9.54400
GBP/INR 85.9900 86.5153
GBP/THB** 49.3328 49.4821

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