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GBP/EUR back above 1.20

GBP/EUR back above 1.20

The Eurozone crisis continues to weigh, overnight equities underperformed and in all this the USD has become the currency of choice. Yesterday’s much anticipated employment figures and BoE Inflation set the tone for GBP and within the subsequent statement, governor King noted that there continued to be challenging times, substantial headwinds, downside risks and that the recovery would likely be slow and uncertain with external drags on growth while also noting that the UK had stood up well to sterling’s 25% depreciation without triggering wage inflation.

The bloc currency dropped on Troika officials’ comments regarding a possible delay of some parts or the entire second rescue fund for Greece, due to lack of confidence as far as the Greek politicians’ commitment to the austerity deal is concerned.

The EUR/USD has been progressively declining. Growing tensions about Greece have pushed the pair below 1.3000.

Australian dollar has strengthen fractionally with strong employment figures, if there was less risk in the market we would have seen AUD strengthen significantly.

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