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Sterling managed to eke out a gain against dollar late on Friday as rumours over the fate of the ‘Golden State’ escorted the FX market into the weekend.
Moody’s, the debt ratings agency, was rumoured to be looking at a downgrade of Californian Muni debt as a reaction to the state’s staggering budget deficit. This weakened the USD by over a cent against GBP from around 16.00 BST. The euro managed to make some gains as well, EUR/USD bumping its head against resistance at 1.40.
The focus today will be on German IFO business climate, a release that could bail the euro out of its recent downfalls and doldrums. German and European PMIs have been improving steadily over the past few months however IFO has stayed relatively depressed. A decent figure should see EUR/USD break through 1.40 and we would expect GBP/EUR to around 1.16. If IFO is weak however you’d expect the single currency to be on the rack again.
World First’s Twitter page is up and running and we will be live ‘tweeting’ the impact of all these data releases and how they affect the markets. Click below for up-to-date news on all things currency. The address is http://twitter.com/World_First
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