Henderson Global Investors senior economist Nicholas Brooks says 27bp increase in China's 1-year lending rate minimal, likely won't have significant impact on China's overall economy. Nevertheless, China's latest move "sends a strong signal to financial institutions and markets that China is serious about keeping growth, credit, investment and other key economic variables to its original targets
The GBP may have been helped by recent USD weakness but with the future of Prime Minister Tony Blair looking increasingly in doubt and uncertainties over the UK economy remaining, the UK currency could well come under pressure against the EUR. See Forex Focus on Telerate 1066
It seems as if we finally can confirm a longer term upside target in EURUSD. Last big support area is 1.2600 which could hold through today's trading session, but is the levels to watch for longer term buying interest. For today look to buy on dips in the 1.2460-90 area for more upside in the week to come.
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