Fx- Foreign Currency Exchange News: Monday 28th November, 2011
This morning we can report that the Asian markets have opened the week on a positive tone with investor’s confidence buoyed by the strong retail figures that have come from the US during The Thanksgiving weekend and this has eased the concerns about the debt crisis in the Euro area.
In the Euro zone to stories have been making the headlines and have been enough to give a rally relief in the Euro which went on to trigger stops above a.3280 and 1.3325 and as the market gains confidence the debt crisis may ease on a potential stability pack which is being discussed by Germany and France and with hopes for a EUR 60 Billion bailout for Italy.
The EUR/USD has started the week testing 1.3320 and with a small amount of optimism as an Italian newspaper has said that the IMF is preparing a Euro 600 Billion loan for Italy if the countries debt worsened.
In the UK the outlook for the UK housing market has got worse in the last few months as unemployment rises and economic growth fades. The CEBR (Center for Economics and Business Research has cit its forecast for home value growth in 2012 from 2.4% to 1.6%.
The GBP/USD has received some ground after the weekends and is standing around 1.5500 but on the European session opening the pair has fell on selling pressure to current daily low of 1.5462. At the time of writing the GBP/USD is being quoted at 1.5469.
The USD/JOY has opened this week at 77.45 on the account of a selling rally over the weekend. The paid had retraced to a previous trading line, but fell below the 77.70 line where is has been pricing during the Asian session.
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