Home THE DAILY EDGE Forex Focus EUR/USD, GBP/USD Performance Chart as at 12:00p.m. Singapore time, 19/11/2012
EUR/USD, GBP/USD Performance Chart as at 12:00p.m. Singapore time, 19/11/2012 PDF
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On Friday, the euro slipped modestly against the dollar as currency traders continued to worry about the US fiscal cliff predicament, as well as the escalating tensions in the Middle-East. While comments from Republican House leader John Boehner supporting a more balanced approach towards the fiscal cliff negotiations led to a bounce in US equity markets, they failed to revive the fortunes of the euro, which remain weighed down by negative sentiment. With there still being so much uncertainty over the near-term financial outlook for the likes of Greece and Spain, and with the Israeli/Hamas conflict showing no signs of abating, currency traders seem to be preferring the relative safety of the US dollar. This played out with the euro sliding from 1.2770 at the beginning to Friday’s European session to a US closing level of 1.2743. A bullish start to the new trading week for Asian equities has seen the euro climb to current levels in the mid-1.2750 range.  Elsewhere, the pound managed to shrug of the weak market sentiment to close US trade about 20 pips higher at 1.5879. It too has risen marginally in Asian trade to be in the low-1.5890 range.

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