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Portugal weakens the Euro

Portugal weakens the Euro

This morning the Euro has fallen against the Pound as the news from the Portuguese bond market was released. The 10-year bond yield has hit a new high at 15.25%, with investors growing their concerns on a possible contagion. Many analysts believe Portugal will need a second bailout. Meanwhile, the markets expects to hear from Greece’s deal with private-sector creditors soon. GBP/EUR is on a knifes edge as we wait with baited breath to see if Greece is given some respite.

Meanwhile GBP/USD has tested the 1.5700 mark as relatively positive news from the US economy and the bizarre confirmation that US rates will remain at 0.25% until 2014, releases the safe haven funds.

Looking elsewhere there has been some commentary that there is a near-term risk of EUR/CHF breaking 1.2050 and touching the Swiss National Bank’s 1.20 floor. Markets seem overly relaxed about risks stemming from Greece’s debt negotiations.

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