Euro weakness continues to strengthen the Sterling

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Foreign Exchange Overnight/Morning Ranges:

Currency EUR/USD 1.3969-1.4134

Currency GBP/USD 1.6108-1.6233

Currency GBP/EUR 1.1515-1.1540

Not a good start to the week for the Euro. Spanish socialists lose heavily in the local elections as demonstrations on the state of the economy continued over the weekend, a rating review for Italy and more meetings over the Greek refinancing schedule with E.U officials this week.

Having closed below €/$ 1.4200 Friday, it is now looking like the Euro weakness will again continue this week. As a result Sterling has climbed to above € 1.15 and opens just below $ 1.62 on the strengthening USD. Euro debt contagion fears return yet again.

Today is going to be all equity and debt market related with global markets all sharply lower on opening while Eurozone bond yields soar. We have seen the yield on German 10-year bunds test the 3% level whilst the returns on peripheral Eurozone equivalent bonds rose sharply. The Euro itself is sharply weaker all round and it will be a long week for the single currency.

EUR/USD currently 1.3995. Support 1.3900, resistance 1.4200.

GBP/USD currently 1.6125. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1523. Support 1.1350, resistance 1.1600.

Oil $ 98.0 Gold $ 1508

Dow -0.74% FTSE -0.13% Nikkei -1.52%

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Euro weakness continues to strengthen the Sterling

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