Spanish Currency Recovery

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Today we have had very disappointing Spanish GDP which have dragged the Euro lower against all other major currencies this morning.

Although there are signs that the Spanish recovery is on track, the disappointing GDP numbers are yet another reason for investors to push the Euro lower. The only saving grace was once again the German economy which has ridden in to save the Euro from further losses today with some decent unemployment data.

Nothing in today's releases changes the view that the Euro will continue its decline against the pound and yesterdays growth figures are yet another reinforcement of that, raising hopes again of a sustained economic recovery in the year ahead.

Interbank Exchange Rates (09:00)
GBP 1.2146 1.6694 12.952 1.8518
EUR 0.8234 1.3745 10.665 1.5249
USD 0.5991 0.7276 7.7585 1.1093

Support Levels
GBP/USD Support 1.6637 1.6596 1.6551
GBP/EUR Support 1.2108 1.2082 1.2057
EUR/USD Support 1.3717 1.3690 1.3665

Resistance Levels
GBP/USD Resistance 1.6723 1.6768 1.6809
GBP/EUR Resistance 1.2159 1.2184 1.2210
EUR/USD Resistance 1.3769 1.3794 1.3821

Key Economic Events

UK Lloyds Business Barometer
US Initial Jobless Claims
US Durable Goods Orders
US Fed's Yellen Testifies to Senate on Monetary Policy
Eurozone Business Climate Indicator
Eurozone Consumer Confidence
Spain Gross Domestic Product
Germany Unemployment Change
Germany Consumer Price Index
Switzerland Employment Level
Switzerland Gross Domestic Product

Company Details

Spanish Currency Recovery

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