Worldwide Currencies

Overnight/Morning Ranges:     EUR/USD 1.2979-1.3043     GBP/USD 1.5586-1.5626      GBP/EUR 1.1978-1.2008

Markets relatively quiet overnight, however USD weakness continues. Should we close above €/$ 1.3050, this would give some indication that further USD weakness is technically possible (1.3300 zone next target). The Pound a little weaker after early selling at the opening against the Euro, and looking technically set to test the resistance of £/$ 1.5700 levels. However, BoE Governor Mervyn King warned yesterday that a sustained economic recovery  was still uncertain and inflation would remain above the 2% target for the next year. U.S. durable goods data gave little help to the USD’s cause, recording the steepest drop since August 2009.

EUR/USD currently 1.3040. Support 1.3000, resistance 1.3300.

GBP/USD currently 1.5625. Support 1.5400, resistance 1.5700.

GBP/EUR currently 1.1985. Support 1.1850, resistance 1.2100.

 Oil $ 77.2     Gold $ 1169    

Stock Markets:

Dow -0.4%     FTSE -0.9%     Nikkei -0.6%