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Latest Foreign Exchange News Wednesday 23rd May, 2012

The Euro was crushed again late in the New York session after the Ex Greek PM Papademos warned that “risk of Greece leaving Euro is real” according to Dow Jones newswire and added that “preparations for a Greece Euro exit are being considered”. Mr. Papademos later denied preparations are being put in place for an exit. Besides, he said the cost of leaving the Euro may range between E500bn/1trln.

As we write this morning the EUR/USD is currently around the 1.2670, little moved to the downside from the starting price in the Asia and is about 10 pips higher. The pair resumed the risk-off sentiment settled in the market after ex-Greece PM Papademos suggested Greece might exit the EZ, by late NY, hitting a fresh weekly low ahead of Hong-Kong open at 1.2644.

Yesterday, saw the UK’s inflation in April lower than expected and reached 3% on yearly basis. It dropped 50 basis points since March and it was the first time in more than 2 years when yearly inflation was within the planned government target.

In American trading the GBP/USD has fallen 0.5% to 1.5760 , in reaction to mixed CPI and public borrowing figures from the UK, little of interest has happened so far this Wednesday in GBP/USD. The Bank of England latest minutes will be released soon and all market traders will be waiting for this.

In a positive sign Americans are becoming more positive about taking on mortgages and the U.S. existing home sales rose in April to an annual rate of 4.62 million from 4.47 million in March, said the National Association of Realtors.

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