Francesays we will not end up like Greece
France State we will not end up like Greece
Foreign Exchange Overnight/Morning Ranges:
Currency Rates EUR/USD 1.3597-1.3695
Currency Rates GBP/USD 1.5807-1.5869
Currency Rates GBP/EUR 1.1573-1.1626
France was the centre of attention as the Governor of the Bank of France addressed solvency and liquidity concerns by stating that “No matter what the Greek scenario, and whatever measures must be passed, French banks have the means to face up to it.” Even though this statement was made France lost 10% in yesterday’s session but equities have looked stronger this morning.
The Euro remains vulnerable as markets now believe that a default by Greece is more or less a certainty. It traded at a 10 year low against the Yen yesterday and has seen further selling today versus the USD despite a recovery overnight.
It is reported that Italy had contacted the Chinese sovereign wealth fund in an effort to woo them into buying Italian government bonds. The major French bank shares lost over 10% in value on worries over the size of their exposure to Greek debt as the USD holds onto its recent gains against a broad range of currencies.
Sterling still trading above the € 1.1600 level despite corporate interest yesterday to take advantage of the higher Pound. U.S. Treasury Secretary Geithner is due in Europe on Friday and will discuss the Euro Zone debt crisis with other Euro officials.
EUR/USD currently 1.3625. Support 1.3600, resistance 1.3900.
GBP/USD currently 1.5828. Support 1.5700, resistance 1.6000.
GBP/EUR currently 1.1615. Support 1.1600, resistance 1.1850.
Currency Rates GBP/AUD 1.5320
Currency Rates GBP/CAD 1.5720
Currency Rates GBP/ZAR 11.70
Currency Rates GBP/NZD 1.9230
Currency Rates GBP/PLN 5.0240
Currency Rates GBP/CHF 1.3980
Currency Rates GBP/CZK 28.50
Oil $ 88.91 Gold $ 1830 Dow +0.69% FTSE +1.07% Nikkei +0.95%