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Home Forex Check Forex Rate Exchange rates: EUR USD in sharp gains
Exchange rates: EUR USD in sharp gains PDF Print E-mail
Written by Will Peters   
Thursday, 29 July 2010 12:42
Tor FX give their afternoon insight into the foreign exchange markets.

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The Euro Dollar exchange rate is 0.686% higher on the hour with 1 EUR = 1.3068 USD at 1:15 PM in London.

The Pound Dollar exchange rate is 0.225% higher with 1 GBP = 1.5618 USD.

The Pound Euro exchange rate is 0.458% lower with 1 GBP = 1.1951 EUR.

Adam Solomon, head of the trading desk at foreign exchange brokerage Tor FX offers the following commentary on the exchange rate scene this afternoon:

"The Euro has risen sharply against the U.S Dollar this morning, while the single currency has also bounced back against a basket of currencies, including the Pound, as the European economic recovery edges ahead of the U.S and spurs demand for the Euro.

"A survey released earlier today showed that European confidence in the economic outlook rose to the highest level in two years in July, led by a recovery in services and industrial production.

"The Euro has risen to the highest level against the Dollar since May 10th when officials in the Euro-zone announced a $1 trillion bailout package to protect struggling financial institutions against the sovereign debt crisis. The single currency has enjoyed a productive week against the majors, following the European bank stress test results released last Friday, which showed that only 7 out of the 91 banks tested needed to raise capital.

"On the other hand, the U.S economic recovery appears to be losing momentum and data released tomorrow is expected to show that the preliminary estimate for U.S gross domestic product in the second quarter slowed to 2.5%, from 2.7% in the first three months of the year.
 
"The Pound has continued to test resistance levels above $1.56 against the Dollar, the highest level since February, but the UK currency has struggled to break above 1.20 versus the Euro, losing 0.4% on the day.

"UK housing data released earlier today showed that prices fell for the first time in five months in July, amid tighter lending conditions and waning consumer confidence, as the government prepares to introduce spending cuts.

"The average cost of a home in Britain fell 0.5% from June, another sign that the fabled recovery in the UK property market is losing momentum. The Bank of England released figures today to show that UK banks approved fewer mortgage applications that expected in June, with home loans down to 47,643, the lowest total in four months."
Last Updated ( Thursday, 29 July 2010 12:45 )
 

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