Currency Market Update 27/05/10
Posted: Thursday, May 27, 2010
by Phil Bennetts
Sat WorldWide
The Euro remains under pressure as concerns over the financial stability continues to hunt the Euro Zone. This is giving sterling a good platform to move in an upward trend and to the highest levels we have seen for some time. Spain's central bank taking control of one of the country's smaller banks sparked the latest round of fear selling, as the ability of EU banks to fund themselves was again questioned. Even more pressure for the single currency came as a rumour began to circulate that China was reassessing EU debt holdings as the risks in Europe continue to increase. Speculators also are still playing their part in EUR/USD movements as euro weakness reached levels that were deemed to be excessive by the market. US data yesterday came out better than expected giving further evidence that the recovery in the States remains on track and that the crisis in Europe would not negatively impact the US. Durable goods orders increased to 2.9% from 0.0% while new home sales increased to 504K from 439K.
DE CPI (P)
DE HICP (P)
US GDP Annualized (P)
US Core PCE Price Index (P)
Live IB rates at 10.30 am UK
GBP – EURO 1.182
GBP - USD 1.451
GBP- AUD 1.736
EURO - USD 1.227
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