Major Currency Pairs Analysis: GBP Rose 0.6% To $1.5770
ICM Brokers | Sep 10, 2013 05:19AM ET
European Union finance ministers are resuming the fight over rules for failing lenders as they struggle to advance bank-union plans against German resistance that has hardened during the country’s election campaign. The government of German leader Angela Merkel has pushed back against a proposal by Michel Barnier, the EU’s financial services chief, for a single resolution mechanism to complement common bank oversight by the European Central Bank. The Barnier plan, announced in July, would create a 55 billion-euro ($72 billion) common fund. This would give the European Commission, the EU’s regulatory arm, the final say on when to close banks. As of present the euro has risen.
GBP/USD
The pound rose to its highest level versus the dollar in 12 weeks as U.K. Chancellor of the Exchequer, George Osborne, said that Britain’s economy is turning a corner and is in the early stages of a recovery. Sterling was within 0.5% of a seven-month high versus the euro before a report on Sept. 11 which economists said will show that U.K. jobless claims fell last month. Unemployment held at 7.8 percent in July, The pound rose 0.6 % to $1.5770.
USD/JPY
The yen weakened as a report showed the the nation’s economy expanded faster than initially estimated, and while Tokyo’s winning bid to host the 2020 Olympics boosted optimism in the government’s policies. Australia’s dollar touched a six-week high, and the South Korean won climbed to the highest level since May after a report showed that China’s exports increased.
USD/CAD
The Canadian dollar climbed to its highest level in almost three weeks after building permits rose to a record in July, adding to signs that the economy is gaining momentum. The currency advanced for a second day versus its U.S. peer as the value of municipal permits climbed 20.7% to C$7.99 billion ($7.70 billion), Statistics Canada said, A report tomorrow may show housing starts in August remained at almost the previous month’s level. Canada’s dollar rallied last week after the country added triple the amount of jobs forecasted.
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