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Foreign Exchange Thoughts - May 15, 2012 (04:00 PM)

London - The single European currency threatened to rally this morning as a combination of German GDP, some substantial buy orders (around 1.2840 lvl) and Hollande’s comments of a “new pact that will combine the necessary reduction of public debts and the indispensable stimulation of the economy"( He emphasized that European needs "plans", "solidarity" and "growth") gave the euro some upside impetus and made the sellers of the last 24 hours think twice.

Foreign Exchange Thoughts - May 15, 2012 (04:00 PM)
However the Euro's recovery was limited as German ZEW economic sentiment dropped sharply from 23.4 to 10.8 in May, while Euro zone ZEW turned negative to -2.4. A ZEW economist noted that situation of Greece is weighing down on Germany and Eurozone sentiment.....you don’t say!!

The morning lacklustre range however wasn’t finally broken until Greece’s attempts to cobble some sort of Government together were dashed when it became apparent there was in fact no deal on the forming of a new Government : GREEK PRESIDENCY SPOKESMAN SAYS NO DEAL ON GOVERNMENT, GOING TO ELECTIONS.

The sellers quickly re-emerged with renewed appetite and bids at 1.2840 and 1.2800 were cleared and stops below support level at 1.2780 were eventually taken out.

Actually it was more a case of the flight back in to the trusted “safe haven” of the US Dollar, as the greenback went bid across the board with EUR$ trading down to an intraday (and fresh 4 month) low of 1.2754, whilst Cable plumbed lows 1.6018 and $ made good gains against the commodity currencies and Swissy.

Richard Wiltshire
Chief Dealer Foreign Exchange

Mardi 15 Mai 2012

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