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Daily FX Foreign Exchange News Friday 18th May, 2012

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

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