Interbank Ranges

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Interbank Rates Overnight/Morning Ranges:

Interbank Rates EUR/USD 1.2913-1.2990

Interbank Rates GBP/USD 1.5540-1.5587

Interbank Rates GBP/EUR 1.1997-1.2037

The USD little changed from where we closed yesterday. The Euro awaits the results in Bond auctions from Portugal, Italy and Spain this/next week. Portuguese bond yields are expected to rise and this may place the Euro under pressure again. However Japan have followed China and said it will buy bonds to support the Euro Zone, the statement having little affect as they would be using Euro Reserves (no need to buy Euros then!).

Sterling has held onto Fridays gains as we await the Bank of England rate decision this week, expected of course unchanged. Growth slowed in Q4, according to the British Chambers of Commerce, to around 0.4% q/q from 0.7% in Q3. Manufacturers reported strong growth, particularly in exports, but domestic services activity slowed. Employment in private services was stagnant in Q4 and not expected to pick up much in Q1. (FT)

The AUD weaker today, further flooding in Queensland, but more importantly a narrowing on their trade gap.

EUR/USD currently 1.2940. Support 1.2700, resistance 1.3000.

GBP/USD currently 1.5540. Support 1.5400, resistance 1.5700.

GBP/EUR currently 1.2020. Support 1.1850, resistance 1.2100.

Oil $ 89.4 Gold $ 1378 Dow -0.3% FTSE -0.5% Nikkei -0.3%

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Interbank Ranges

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GCEN The Old Barn, Oasts Business Village, Red Hill, Wateringbury, Maidstone, Kent, ME18 5NN, United Kingdom

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