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Friday 20th April Daily Foreign Exchange News

As we write this morning the GBP/USD was moving higher at the end of the Asian Session and was hovering over the 1.6070 region a five month high. March’s retail figures are expected later and an improvement in the results is expected.

The Spanish debt auction was met with a solid demand but the rise in the Country’s borrowing costs suggest that investors continue to doubt whether the recently announced deficit reductions reforms will bring the desired effect. Even though there has been a surge in Spanish borrowing costs the auction has resulted in the markets extending gains while the EUR/USD rose to a 2 day high at 1.3165.

The Japanese Yen weakened against most of its 16 peers as Bank of Japan indicated it is putting efforts to depreciate the Yen and support the nation to return to export surplus.

The number of Americans claiming unemployment benefit declined by 2000 to 386,000 in the week ending April 14th according to the Department of Labor.

This morning the USD/CHF remained sidelined but many think it is still capable of challenging a resistance at 0.9317/42. A formidable support located at 0.9066/0.9000 should contain near term dips of the price.

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