Interbank Exchange Rates Overnight/Morning Ranges:
Happy New Year from Compare Money Transfer
Today's Interbank Exchange Rates we start the New Year with the USD having a slightly weaker tendency. Although the USD is still in its medium upward trend, we could see further short term weakness if we hold above € 1.3300-50 and £ 1.5700 this week.
The Pound held onto the support level of € 1.1600 over the Xmas period. Whether VAT rises in the U.K. will dampen economic growth should show in data during the 1st quarter of the year. Sterling gained broadly on Tuesday as data showed UK manufacturing activity grew last month at its fastest pace in 16 years, helping the pound extend earlier gains made on talk of buying related to a dividend payout. Also PMI (Purchasing Managers Index) was stronger than expectations.
Commodity based currencies open a little weaker today, some analysts are suggesting an aggressive correction at some stage in 2011. However current economic fundamentals would disagree with this view..
EUR/USD currently 1.3390. Support 1.3300, resistance 1.3600.
GBP/USD currently 1.5615. Support 1.5400, resistance 1.5700.
GBP/EUR currently 1.1660. Support 1.1600, resistance 1.1850.
Oil $ 91.50 Gold $ 1415
Dow +0.8% FTSE -1.2% Nikkei +1.6%
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