Tuesday, June 22, 2010

Pound surges as markets approve UK budget statement


After an initially muted reaction towards the release of UK budget statement, theP Pound is rocketing across the board at US session opening, as investors seem to have approved the measures contained on UK emergency budget, despite suggesting of low interest rates.

GBP/USD, which dipped to a fresh session low at 1.4685 immediately after the release of UK budget, pushed up aggressively to break above 1.4795 session high and extend about 140 pips higher to 1.4825.

GBP/JPY decline from 136.00 high on Monday bottomed at 1.3310 low, and the Pound rallied about 140 pips higher to 134.50 so far. EUR/GBP retreat from 0.8370 session high has extended to levels below 0.8300, hitting session low at 0.8295 so far.

EUR/GBP (Jun 22 at 18:09 GMT)

0.8292/93 (-0.61%)

H 0.83705 L 0.82759

S3S2S1R1R2R3
0.82440.82640.82850.83010.83220.8343
[?]Trend Index[?]OB/OS Index
Slightly BearishNeutral
Data updated on Jun 22 at 15:58 (15-minute timeframe)

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