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Daily Foreign Exchange News Monday 16th July, 2012

As we write this morning the U.S. dollar is continuing to appreciate against the Swiss franc during European trading this morning. The pair has traded above the level of 0.9800 as risk aversion has taken over the markets and lingering concerns continue to weigh on the Eurozone.

The EUR/USD currency is moving lower on Monday, trading in levels last seen in late June 2010, ahead of inflation figures in the EU due later on today.

Last week saw slowing global growth which has continued to push investors to seek safe haven currencies. The EUR/USD hit a two year low yesterday breaching 1.22 in a sign that confidence in the Euro is still being undermined by the ongoing crisis that is continuing to drag down the global economy. The GBP/USD also had a difficult time last week and only just kept its head above the water at 1.54, caused by the large swings in EUR/USD and the continuing weak economy.

In China’s Premier Wen Jiabao warned that the nation’s recovery is yet to build up momentum, fueling speculation that extra economic support measures may be announced after a cabinet meeting this week.

SD/JPY drops below 79.00 psychological support, next support at 78.79, the 61.8% retracement towards June’s low.

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