Interbank Exchange

High st banks vs currency brokers

Interbank Rates Overnight/Morning Ranges:

Interbank Exchange EUR/USD 1.2966-1.3020

Interbank Exchange GBP/USD 1.5600-1.5658

Interbank Exchange GBP/EUR 1.2018-1.2039

The USD a little weaker here today ahead of the Portuguese bond auction today. Portuguese borrowing costs reached their `danger zone’ and analysts expect at some stage a bail out, despite China willing to purchase this debt. However, technically a close above €/$ 1.3000-50 would lead to Euro strength as Euro finance minister express solidarity amongst the Euro Zone Nations. For the time being the Euro remains in its medium term downward trend.

Sterling has again held onto its recent gains as we await the Bank of England rate decision tomorrow, expected of course unchanged. The U.K. trade balance is due today. Still rumours of corporate interest to sell Sterling above €/£ 1.2050, €/£ 1.2100 being the next resistance point, £/$ 1.5645 today (next resistance £/$ 1.5700). Worth noting, around 40 percent of UK landlords reported an increase in tenants having problems paying rent during the second half of 2010, according to a survey carried out by the Association of Residential Lettings Agents (Arla).

EUR/USD currently 1.3007. Support 1.3000, resistance 1.3300.

GBP/USD currently 1.5640. Support 1.5400, resistance 1.5700.

GBP/EUR currently 1.2019. Support 1.1850, resistance 1.2100.

Oil $ 91.5 Gold $ 1385

Dow +0.3% FTSE +1%% Nikkei +0.1%

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