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Daily Foreign Exchange News Thursday 19th January, 2012

As we write this morning we learn that according to IMF sources the organizations intends to boost its lending capacity by 600 billion dollars and this in the hope that they will be better prepared to shield the global economy from the EU debt crisis. It is thought that Eurozone nations will provide 150 billion dollars whilst the other EU member states might contribute 50 billion.

The EUR/USD bloc currency has climbed as high as 1.2878 during the Asian Session in a continuation of the rally sparked on Monday. It is currently advancing 0.1% at the moment in its fourth consecutive session in positive ground at 1.2865 which is closer to the first hurdle at 1.2879 followed by 1.2898 then 1.2946.

Goldman Sachs reported a profit drop of 58% and the fall in revenues was followed by a deep cut in employee compensation.

In the UK unemployment increased by 118,000 during the three months until November. The unemployment rate rose to 8.4% from 8.3% in the previous reading. The unemployment claims in December increased by 1200.

This morning as we write the Sterling is posting minimum loses on Thursday ahead of the opening bell in London. The Cable has also followed the single currency in the upside since Monday, after risk appetite was boosted by successful auction bonds and strong European and Chinese data.

The extended decline of the USD/CHF has led the pair to lose the 0.9500 handle and recently the 0.9400. The pair remains close to the psycological level and the European opening volume is strengthening the cross to attempt at holding ground.

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