NEWS FLASH - Pound declies as German GDP rises

Tuesday 15 May 2012 Can't read this email? Click Here

Read our great customer feedback. Click Here For the latest news read our currency blog. Click Here Dear Subscriber, Please find below today's news flash which gives you an insight into the current market conditions, enabling you to keep informed and up to date on the latest currency movements. GBPEUR/GBPUSD The Pound weakened from the highest level since November 2008 against the Euro this morning, while the single currency also made fleeting gains versus a number of currencies, after data showed that economic growth in Germany accelerated and helped the Euro-zone avoid a recession. The much better-than-expected GDP numbers in Europe's largest economy have rekindled risk appetite, reducing the appeal of the U.S Dollar as a safe haven. The improvement in the economic outlook in Europe also reduced the demand for Sterling as an alternative to the Euro. The Pound traded back through 1.25 this morning, as a separate report showed the UK trade deficit narrowed by less than forecast. The Euro also rebounded from a four month low against the Dollar following the growth figures and continued to make gains, after the Luxembourg Prime Minister Jean-Claude Juncker signaled that Greece may be granted more time to meet the budget reduction targets, as long as the country forms a government that is committed to austerity. The improvement in risk sentiment saw the Australian Dollar rise for a near five month low, with technical indicators suggesting the Aussie has fallen too far and is due a correction. If you need any further assistance, or require a live dealing quote - please do not hesitate to contact me on 01736 335250 or send an email to info@torfx.com Regards, TorFX Any opinions expressed in this document are those of TorFX analysts. Any analysis and/or forecasts provided are aimed at helping clients understand market conditions and developing trends. Clients are wholly responsible for their own trading decisions. Unauthorised copying or re-wording of this content is prohibited. The copyright of this content is owned by Tor Currency Exchange Ltd. Any unauthorised copying or re-wording will constitute an infringement of copyright. Market Analysis by Adam Solomon

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