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Online currency exchange referral systems GCEN » Currency Exchange News » Fx-Foreign Exchange News for the Global Market Thursday 6th December, 2012

06
December
2012

Fx-Foreign Exchange News for the Global Market Thursday 6th December, 2012

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As we write this morning the  the sterling is prolonging its downside, sparked after the cross has climbed to Tuesday’s highs in the proximities of 1.6130, as risk appetite continues to shrink.

In the UK, a survey revealed that construction activity shrank in the previous month to its lowest level in 12 months. As markets expect the sector to move into a slower territory, it has pronounced the work needed to be done in order to get the UK economy back on track. The economy has just emerged from the double dip recession, owing to the surge in activity due to the Olympics. Sterling has managed to hold on to strength trading to highs of 1.6130 as there are political differences in the US over the fiscal cliff.

Yesterday, saw the British Chancellor George Osborne deliver his Autumn Budget Statement before the parliament. He emphasized that the Eurozone debt crisis had been weighing on the UK economy and informed that the Office of Budget Responsibility slashed its GDP forecast to -0.1% in 2012 from +0.8%. The predictions for 2012 and 2013 are 1.2% and 2.0%, respectively.

The Euro is grinding lower on Thursday; bouncing off session lows after the agency S&P has downgraded Greece to SD (selective default) from CCC.

The EUR/USD cross is now losing 0.07% at 1.3056 and a dip below 1.3047 (low Dec.4) would bring 1.2994 (MA10d) and finally 1.2973 (Dec3)

Spanish Treasury held a debt sale on Wednesday during which it managed to auction 4.2 billion euros worth of government bonds, out of a targeted Eur 3.5-4.5 billion euros. 3-, 7- and 10-year bonds were sold at lower interest rates than seen at the previous auction.

1.1 billion euros of 10-year bonds were sold at an average interest rate of 5.25%, which is the lowest level seen since September 2011. Also 1 billion worth of 7-year bonds was auctioned. These yielded 4.66%, slightly higher than 4.54% seen at the previous sale. The rest of the amount was placed in 3-year bonds, which yielded 3.39%, compared with the previous 3.61%.

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