The weekend saw G20 finance ministers meet in Mexico, where European issues inevitably dominated proceedings. Greater IMF funding was on the agenda but many non-euro states, such as China crucially, are not satisfied with the efforts of euro-area nations to boost its bailout fund (EFSF).
This week’s main event is Wednesday’s second cheap loan offering (LTRO) from the ECB, the first of which has been vital in staving off a credit crunch in Europe so far. Today’s session brings little by way of data other than a pending homes sales figure from the US.
STERLING/EURO: Sterling is trading around €1.18 after a three cent drop from its highs last week and remains vulnerable.
STERLING/US DOLLAR: Sterling has been rejected once again at $1.59 though we may see this level tested once again.
EURO/US DOLLAR: The euro continues to trade positively despite the weighty concerns that remain.
STERLING/AUSTRALIAN DOLLAR: Sterling made hefty gains against the aussie dollar at the end of last week and is currently trading at a six week high.
STERLING/NEW ZEALAND DOLLAR: Sterling has made some decent gains against the kiwi dollar, helped by some poor NZ trade balance data.
STERLING/CANADIAN DOLLAR: Sterling is trading at a 2012 high against the Canadian dollar amid diminishing risk appetite.
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