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Daily Foreign Exchange News Thursday 22nd December, 2011

This morning the Pound Sterling is showing a strong performance in the last sessions despite the hints of possible extension of the asset purchase programmes that the Bank of England unveiled in the last minutes should the EU conditions deteriorate further.

Later today we are expecting the GDP figures for the third quarter and the GDP data and labor market figures are also due in the US.

The European Central Bank has offered loans to the Euro zone banks for three years at a fixed rate of 1%. The volume was the highest ever as the European Central Bank lent €489 billion. Concerns over the Euro zone remain despite more liquidity flowing into the banks.

The USD/JPY cross climbed as high as 78.13 at the beginning of Asia trade but slipped to the 78.00 area where it is now operating. The Bank of Japan has kept its interest rates at 0 – 0.10% and the asset purchase and the lending programs also remained intact.

The Swiss stocks have closed little changes on Wednesday after the European Central Bank has lent out 489 billion euros in three year loans to European Banks.

The EUR/USD failure to overcome 1.3184 indicates an end of the upward correction. As we write the EUR/USD is targeting 1.2860 while the long term goal remains at 1.2089.

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