UK unemployment rise but Bank of England maintained interest rates

The Bank of England maintained its 6-3 vote to keep interest rates at a record low as UK unemployment claims rise.

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4240-1.4286

Rates GBP/USD 1.6236-1.6287

Rates GBP/EUR 1.1370-1.1414

The Euro did trade as low as €/$ 1.4120 yesterday but again was reluctant to hold below the $/$ 1.4200 level. As a result short term speculative buyers of the Euro returned as we open above 1.42 again (high 1.4286). However, there is still no good news out there for the Euro and all ears will be on further developments on the Greek situation.

The USD a little weaker on this Euro rebound, and Sterling looks range bound for the time being with reported corporate interest to sell at $ 1.6300, and buyers for Sterling at € 1.1350.

The Bank of England maintained its 6-3 vote to keep interest rates at a record low this month, seeing no major change in the medium-term inflation outlook, minutes to its May 4-5 policy meeting showed on Wednesday. The FOMC minutes are also due later this evening so expect volatility today.

EUR/USD currently 1.4262. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6229. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1384. Support 1.1350, resistance 1.1600.

Oil $ 97.7 Gold $ 1488

Dow -0.55% FTSE -1.06% Nikkei +1%

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UK unemployment rise but Bank of England maintained interest rates

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