Movements in the three major markets see BP in trouble, Cameron making waves and Greek bail out talks progressing.... Sort of.
Pound Sterling – UK Markets
There are mixed thoughts as to who has come out on top after the last of the three election debates took place last night. Some sources felt that there was no clear winner, whilst others believe that David Cameron put in a strong performance and is now the clear front runner.
The Pound has maintained a relatively stable position against the major currencies as Thursday saw the cable recuperate some of the losses seen on Wednesday. The GBP/EUR remains strong despite minor overnight losses after positive news in Greece.
US Dollar – US Markets
BP shares took a massive hit with shares falling 7% as a result of the massive oil spill off the Gulf of Mexico which continued to cause unprecedented levels of damage. It is estimated that over 5,000 barrels of oil could be leaking into the ocean per day as a result of the leakage from the well.
To pretend there is a great deal to speak about when it comes to the Dollar's movements overnight would be a lie. Although it has weakened slightly against both the Pound and the Euro, there has been very little movement worth writing home about. It is worth speaking to your broker to find out their thoughts on future trends.
Euro – European Markets
Talks in Greece finally appear to have taken steps in the right direction as cutbacks of €24bn have been agreed by officials in the debt ridden country. However, because of a poor track record with regards to implementing reforms, a tight monitoring programme is to be enforced by the EU and IMF who are the bodies parting with the bailout loan.
The Euro, in line with positive steps in Greece appears to be clawing back ground, albeit at a tentative rate as confidence remains low. However, as month end approaches the Euro is set to have lost 2% throughout April. There may be a silver lining to this cloud...
Other Currencies - Highlights
As the upcoming Australian interest rates decision loomed, the AUD continued to make gains against major counterparts in overnight markets.
Whilst the Euro looked to regain some strength, easing fears of a wider credit risk, emerging market currencies such as the Rand saw positive upwards movements.
Political Jitters in UK Weighs on Pound Sterling
Euro and Pound Sterling Recover Modestly on Friday
The US Dollar Rallies on Upbeat Data and Hawkish Fed Stance