US economic growth is weaker than expected


Overnight/Morning Ranges Currency Rates

Currency Rates EUR/USD 1.4310-1.4400

Currency Rates GBP/USD 1.6190-1.6314

Currency Rates GBP/EUR1.1252-1.1365

Currency Rates in the U.S. were as expected left unchanged. However despite comments by the Federal Reserve that economic growth is considerably weaker than expected’, the fact that they stated rates would remain atexceptionally low levels for the next two years at least, to bolster growth’ was enough for global stock markets to rally.

With problems in the Euro-Zone still, the EUR/USD looks range bound between 1.42-1.45 levels. The recovery in stocks saw the commodity based currencies recover from their recent losses.

In the U.K. it was somewhat of a quieter night on the streets, but weaker manufacturing data yesterday and confirmation today from the BoE in its inflation report that it has lowered its growth forecasts and expects inflation to fall rapidly next year sees the Pound’s recent rally falter and trade as low as € 1.1252. There has been corporate interest to buy below € 1.1300. Failure to hold these levels would technically suggest a move lower, as would a close below $ 1.6300 over the next few sessions.

EUR/USD currently 1.4388. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6268. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1305. Support 1.1100, resistance 1.1350

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US economic growth is weaker than expected

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