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Sterling strengthens against dollar and yen

Published:  29 May, 2012

Sterling strengthened slightly against the US dollar and Japanese yen yesterday.

Sterling strengthened slightly against the US dollar and Japanese yen yesterday.

Currency rates - May 29

EURO/GBP - 1.2496
US$/GBP -
1.5679
CHF/GBP -
1.5023
CAN$/GBP -
1.6032
AUS$/GBP -
1.5881
ZAR/GBP -
13.0461
JPY/GBP -
124.67
HKD/GBP -
12.1714
NZD/GBP -
2.0552
SEK/GBP -
11.2231
AED/GBP -
5.7564
US$/EURO -
1.2538
INR/GBP -
87.14

 

Sterling weakened off against the commodity backed currencies as risk appetite drove the market in the early hours due to the latest news coming from Greece.

 



The euro recovered yesterday morning as market fears eased somewhat after opinion polls in Greece suggested that the pro bailout New Democracy party would win the vote on June 17. However, the party needs to win a majority vote or form a pro-bailout coalition government otherwise it still seems likely that Greece could leave the euro. However as the day progressed concerns about Spanish debt came to the fore as yields on longer term Spanish debt increased to over 6.5%. 7% is viewed as the level at which government debt repayments become unsustainable.

 



The US dollar weakened off against the majority of currencies yesterday morning as risk appetite returned to the market. The US markets were shut for the Memorial Day holiday yesterday; as a result, very little data was released.

 



Elsewhere, the commodity backed currencies performed well yesterday as risk aversion eased and risk appetite came back into the market.

 

http://www.youtube.com/watch?v=__R0jV815p8

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