EUR/GBP News

Forex Pros – U.S. stock futures were up sharply on Tuesday, tracking global equities higher as fears over a Greek default eased following reports that Germany could make concessions to facilitate a new bailout package for Greece.Dow Jones Industrial Average futures indicated an increase of 0.8%, the S&P 500 futures jumped 0.85%, while Nasdaq 100 futures pointed to a gain of 0.95%. Concerns over Greece’s debt crisis eased after the Wall Street Journal reported that Germany could make concessions on efforts to put together a second bail out package to Greece.Shares in the financial sector were broadly higher ahead of the open, tracking sharp gains from their European counterparts. Bank of America saw shares climb 1.4%, Citigroup rose 1.1%, while U.S. listed shares of Deutsche Bank jumped 2.5% and National Bank of Greece soared 10.7%. Influential Wall Street investment bank Goldman Sachs saw shares jump 1.6% after JP Morgan upgraded the company to ‘overweight’ and raised its price target on...

Forex Pros – The U.S. dollar was broadly lower against its major counterparts on Tuesday, while the euro strengthened after reports that Germany could make concessions to facilitate a new bailout package for Greece.During European afternoon trade, the greenback was sharply lower against the euro, with EUR/USD gaining 0.79% to hit 1.4395.The single currency shrugged off official data showing that consumer price inflation in the euro zone declined unexpectedly in May.The greenback was also lower against the pound, with GBP/USD rising 0.15% to hit 1.6499.Meanwhile, the greenback was up against the yen and the Swiss franc with USD/JPY surging 0.76% to hit 81.55 and USD/CHF easing up 0.09% to hit 0.8527.The yen weakened broadly after Moody’s Investor Services said earlier that it was placing Japan's Aa2 sovereign debt rating under review, pending a possible downgrade.Meanwhile, the greenback was lower against its Canadian and New Zealand counterparts, but higher against its Australian cousin, with USD/CAD shedding 0.47% to hit 0.9722, NZD/USD...

Forex Pros – The pound eased off a four-week high against the U.S. dollar on Tuesday, as a relief rally sparked by reports that Germany could make concessions to facilitate a new bailout package for Greece waned ahead of the release of U.S. data.GBP/USD pulled away from1.6547 to hit 1.6498 during European early afternoon trade, still up 0.15% on the day.Cable was likely to find support at 1.6377, last Friday’s low and short-term resistance at 1.6573, the high of May 4.Earlier in the day, the Wall Street Journal reported that Germany may consider abandoning a push to reschedule Greek debt early, which may pave the way for Greece to receive a new package of financial aid. Elsewhere, concerns over the U.K.‘s fragile economic recovery were underlined on Monday after industry data showed house prices falling at their fastest annual pace in over one-and-a-half years in May, while the British Chambers of Commerce cut its growth forecast for the year.The data...

Forex Pros – Wheat futures tumbled to a three-day low on Tuesday, after Russia announced that it would let a ban on wheat exports expire on July 1, alleviating concerns over tightening global supplies.On the Chicago Mercantile Exchange, wheat futures for July delivery traded at USD7.9912 a bushel during European morning trade, plunging 2.56%, the biggest one-day decline since May 11. It earlier dropped to USD7.8462 a bushel, the lowest price since May 25. Russian Prime Minister Vladimir Putin announced on Monday that the country would not extend a year-long ban on wheat shipments, saying the country’s winter-wheat harvest was “quite good”.First Deputy Prime Minister Viktor Zubkov, who is responsible for the country's agricultural sector, said that wheat plantings in Russia increased 10% from a year earlier and that the country had more than six million metric tons of the grain in reserves. "Considering that we really do have grain now and the state of winter grain crops is good,...

Forex Pros – The euro extended gains against the U.S. dollar on Tuesday, rising to a three-week high, following reports that Germany could make concessions to facilitate a new bailout package for Greece.EUR/USD hit 1.4424 during European late morning trade, the pair’s highest since May 9; the pair subsequently consolidated at 1.4403, surging 0.85%.The pair was likely to find support at 1.4124, last Friday’s low and resistance at 1.4587, the high of May 6.Earlier in the day, the Wall Street Journal reported that Germany may consider abandoning a push to reschedule Greek debt early, which may pave the way for Greece to receive a new package of financial aid. The European Union is drafting a second bailout package for Greece to release vital loans next month and avert the risk of it defaulting after the International Monetary Fund said it would withhold the next tranche of aid to Greece in June unless the EU guaranteed to meet Athens' funding needs...

Forex Pros – The Swiss franc pulled back from a record high against the U.S. dollar on Tuesday, after official data showed that the Swiss economy grew more-slowly-than-expected in the first quarter.USD/CHF pulled back from 0.8466, the pair’s lowest since Friday, to hit 0.8502 during European morning trade, still down 0.20% on the day.The pair was likely to find short-term support at 0.8461, Friday’s low and the pair’s all-time low and resistance at 0.8662, Friday’s high.Earlier in the day, the Swiss State Secretariat for Economic Affairs said gross domestic product grew by 0.3% in the first quarter, compared with 0.8% in the previous three-month period and 2.4% on the year, from 3.1% in the fourth quarter.Economists had expected GDP to increase by 0.6% on the quarter and 3.1% year-on-year.Despite concerns over the record strength of the Swiss franc among Swiss National Bank policymakers exports remained robust in the first quarter, rising 0.57%. The report attributed the drag on first quarter...

Forex Pros – European stock markets posted sharp gains on Tuesday, as shares in the financial sector led gains amid hopes for a resolution to Greece’s debt woes, while U.S. futures indexes pointed to a higher open on Wall Street. During European morning trade, the EURO STOXX 50 surged 1.75%, France’s CAC 40 jumped 1.4%, while Germany's DAX 30 rallied 1.9%. Market sentiment was boosted after the Wall Street Journal reported that Germany could make concessions on efforts to put together a second bail out package to Greece.Lenders, many of which have exposure to Greek and other euro zone peripheral debt, were among the biggest gainers. German lender Deutsche Bank saw shares climb 2.3%, Italy’s largest bank Unicredit rallied 2.8%, while Spanish banking giant Banco Santander advanced 2.4%.In Greece, shares in Alpha Bank, the nation’s third largest lender rose 3.4%, while National Bank of Greece saw shares jump 3.8%.Meanwhile, shares in Ericsson added 1.5% after the company reached an agreement...

Forex Pros – Consumer price inflation in the euro zone declined unexpectedly in May, preliminary data showed on Tuesday.In a report, Eurostat said consumer price inflation rose by a seasonally adjusted 2.7% in May, after rising by 2.8% in April.Analysts had expected euro zone CPI to remain unchanged at 2.8% in May.Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD jumping 0.93% to hit a three-week high of 1.4415.Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 climbed 1.85%, France’s CAC 40 rose 1.5%, the FTSE 100 gained 1%, while Germany's DAX rallied 2%.

Forex Pros – The euro zone’s unemployment rate held steady in April, official data showed on Tuesday. In a report, Eurostat said that the euro zone’s unemployment rate remained unchanged at a seasonally adjusted rate of 9.9% in April, broadly in line with expectations. According to the data, the number of unemployed people in the euro zone was 22.54 million in April, of whom 15.52 million were in the euro area.The report showed that among euro zone member states, the lowest unemployment rates were recorded in the Netherlands and Austria, while Spain and Lithuania recorded the highest rates.Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD jumping 0.92% to hit a three-week high of 1.4414.Meanwhile, European stock markets were broadly higher. The EURO STOXX 50 climbed 1.9%, France’s CAC 40 rose 1.5%, the FTSE 100 gained 1%, while Germany's DAX rallied 2%.

Forex Pros – The euro rallied to an almost one-month high against the broadly weaker yen on Tuesday, as concerns over a Greek sovereign debt default eased and after ratings agency Moody’s placed Japan’s sovereign debt rating under review, pending a possible downgrade.EUR/JPY hit 117.80 during European morning trade, the pair’s highest since May 5; the pair subsequently consolidated at 117.54, jumping 1.69%.The pair was likely to find support at 114.67, last Friday’s low and resistance at 119.77, the high of May 5.Earlier in the day, the Wall Street Journal reported that Germany was considering dropping its push for a rescheduling of Greek bonds to facilitate a new package of aid loans to the country.The European Union is drafting a second bailout package for Greece to release vital loans next month and avert the risk of it defaulting after the International Monetary Fund said it would withhold the next tranche of aid to Greece in June unless the EU guaranteed...