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Daily FX Foreign Exchange News Wednesday 21st November, 2012

As we write this morning we see that overnight the GBP/USD has dipped to session lows below 1.5890. The sterling is rapidly losing ground against the dollar on Wednesday, as risk aversion is hammering markets after the EU ministers have failed again in delivering a deal on the Greek debt.

GBP would face more pressure ahead of the BoE minutes, to be released later. The key issue would be the last voting pattern of the MPC to pause the purchases of Gilts in the last meeting. A unanimous vote would support the sterling.
We understand that the European finance ministers failed to reach any conclusive decision on Greece after a 10+ hours meeting in Brussels, which came to a conclusion well into the night at around 4am. Details will not be released and the press conference was canceled. The meeting will resume on Monday morning.
We have seen US oil prices collapse yesterday on early news that a cease fire would be called in the active engagement in the Gaza Strip. Such a move would help curb supply fears in the oil-rich Middle East. However, that calm never seemed to fully materialize. Crude prices began to rebound from 85.50 as that realization dawned. However, more general risk trends are a major factor here as well.

In the USA Sales of previously owned homes in the world’s biggest economy rose more than expected in October, indicating improvement in the property market helped by cheap borrowing costs.

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