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Worldwide currencies to look out for


· Yesterday the Greek deputy finance minister was quoted as saying that they had enough cash to operate for another month, again highlighting the need for much needed bailout funds in order to avoid a default.
· USD hits a new seven month low vs the euro of 1.3497.
· Italy warns that they will not pay Greek debt if their borrowing costs are greater than the Greeks.
· EUR/NOK bounces over 3% from 7.50 to 7.75 against the US dollar
· In the US Obama’s jobs program is under threat after it is leaked it will be paid for by higher taxes.
· Euro stabilises briefly and the markets see a slight return to risk appetite following rumours that the Chinese may buy up Italian debt.


· Sterling hit a 6 month high against the Euro yesterday following ongoing concerns that Greece will be forced to default on its debt.
· Yesterday the US dollar hit a two month high against sterling topping out at 1.5793 before retracing some of those gains.
· UK RICS house show UK house prices fall again.
· Markets await key UK CPI data released this morning, if the inflation falls this will give the BoE the green light to inject further QE which will weaken sterling, unwinding gains against the euro and causing Cable to fall below 1.57 levels.

Current Spot Rates (9.00am)
GBP 1.5798 1.1621 1.5339 1.5722 1.3988 8.6528 9.0155 12.3230 10.65 11.74 121.61
USD 1.3596 0.9709 0.9952 0.8854 5.4771 5.7067 7.80 6.74 7.43 76.979
EUR 0.7356 1.3199 1.3529 1.2037 7.4458 7.7579 10.60 9.16 10.10 104.648

Key Support and Resistance Levels
Support Resistance
GBPUSD 1.5687 1.5732 1.5795 1.5903 1.5948 1.6011
GBPEUR 1.1393 1.1483 1.1540 1.1687 1.1771 1.1834
EURUSD 1.3357 1.3428 1.3550 1.3743 1.3814 1.3936

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