Hungarian currency and Polish currency sink by 1.7 percent

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Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4068-1.4216

Rates GBP/USD 1.6055-1.6160

Rates GBP/EUR 1.1351-1.1416

Hungarian and Polish currencies both sank as much as 1.7 percent to their weakest levels against the Swiss franc as the euro-region’s debt crisis threatens to hurt the export-led economic recovery in the European Union’s east.

Debt concerns both sides of the Atlantic remain a concern for markets. The Euro a little firmer today but still trading within the range seen over the last week. As stock markets weaken gold reaches new highs and the Swiss Franc holds at record levels.

The News International scandal dominates the UK press and Sterling weakened yesterday as pressure built during the day on PM David Cameron, having now decided to fly back from a trip to Africa ahead of schedule to face his biggest crisis to date. The Pound did trade at a four week high versus the Euro yesterday.

EUR/USD currently 1.4166. Support 1.3900, resistance 1.4200.

GBP/USD currently 1.6123. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1381. Support 1.1350, resistance 1.1600

Oil $ 96.00 Gold $ 1606

Dow -0.76% FTSE +0.22% (-1.55% yesterday) Nikkei -0.85%

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Hungarian currency and Polish currency sink by 1.7 percent

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