Market news
21.01.2011, 13:09

European session:

The euro rose against the dollar, reaching the strongest level in almost two months, as a report showed business confidence in Germany surpassed analysts’ forecasts and rose to a record high in January.
The common currency gained versus 15 of its 16 most-active counterparts amid optimism that European policy makers will find a long-term solution to deal with the sovereign-debt crisis. Goldman Sachs Group Inc. said the European Union will prevent any potential “liquidity constraint’” in Spain from turning into a region-wide financial crisis.
The Ifo institute’s business climate index, based on a survey of 7,000 executives, was 110.3 in January, up from the 109.9 median forecast. That’s the highest since records for a reunified Germany began in 1991.
Further gains in the euro may be limited as Fitch Ratings warned there’s a continuing risk that euro-region nations will have their credit ratings downgraded.
The Australian and New Zealand dollars dropped as a decline in Asian stocks sapped demand for higher-yielding currencies.

EUR/USD: posted session high at $1.3567 before stabelized within $1.3550/00. Offers: $1.3570/75, $1.3600, $1.3625/35. Bids: $1.3480, $1.3465/60, $1.3440/35, $1.3400/395, $1.3360/50.
GBP/USD: edged back to $1.5950 as sterling recovers its post UK retail sales inspired losses to $1.5870. Offers seen placed at $1.5945/50. Cable support remains at $1.5865 (76.4% $1.5839/1.5945) and while rate can hold above provides some hope for another recovery move.
USD/JPY: eased to Y82.70

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