This morning as we write the gbp is trading in red figures for the third consecutive week, falling from levels above 1.6300 to today’s lows around the 1.5730 region.
The Increasing uncertainty regarding the euro zone political and economic crisis plus a more dovish stance in the recent statements of the BoE have been heavily weighting on the pound, dragging the cross to the present levels.
Jobless claims in the U.S. didn’t live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. The amount of people now on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states have reported increases in claims. Following this plunge in the American session due to weak US jobless and manufacturing data, the USD/JPY found support at 79.20.
In the U.K. Prime Minister David Cameron has said the he remains determined to continue implementing his austerity plan to protect the British economy from the Eurozone debt crisis contagion.
This morning we see that the GBP/USD experienced a massive sell-off yesterday, which does not seem to have ended yet. A key support at 1.5781 has already been violated, the Cable is currently headed towards 1.5616 and 1.5557, below which lie 1.5427 and a long term target 1.5260.
The USD/CHF has reached 0.9500 psychological level during the European opening and a slight retreat is being seen for now. The G8 will be meeting today
We report on the current global currency exchange movements and offer our clients the very best currency exchange rates available. Our specialty is the ability to offer competitive time option forward currency contract rates. If this is not the most recent daily currency exchange news report, view the most recent news here Buy and sell currency at the best global currency exchange rates available today through FX-ForeignExchange,0044 (01480) 458400 or 07525 984456. This daily global currency exchange report is for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. FX-currency exchange cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.