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Foreign Exchange News Friday 29th July, 2011

Foreign Currency Exchange News –Friday 29th July, 2011

Overnight the USD dropped to a fresh four month low against the JPY at JPY 77.48 after the scheduled vote did not go ahead in DC as the House Republicans were unable to gain enough support within their ranks to secure the passage of the bill.

The GBP did seem to outperform most of the other currencies finding support under USD 1.6300 and EUR/GBP falling to GBP 0.8750.

Most of the major currencies remain little changes today as Investors try to work out whether to risk any major plays before the weekend when the US politicians are hopefully going to hash out an agreement.

In Japan the BOJ are likely to keep interest rates near zero levels for the foreseeable future which will decrease the appeal of holding the unit/

Earlier this morning the USD was at JPY 77.52 from JPY 77.65. The Euro was at USD 1.434 from USD 1.4330 and JPY 111.18 from JPY 111.29

The European Stocks are expected to start in a very deep negative area after the delay with US debt ceiling hitting another brick wall.

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