Euro Higher as Italian Worries Fade
The Euro continued its rally in London trading as discussions among political parties in Italy attempt to stave off the need for a snap election. That move toward a viable coalition has gone a long way to reducing worries over a possible political crisis with the rise of a Eurosceptic government which might negatively impact Eurozone stability. The relief felt among FX traders helped to push the Euro to a 3-day peak.
As reported at 11:17 am (BST) in London, the EUR/USD was trading at $1.1685, a gain of 0.16% and off the session peak of $1.7243 while the low is recorded at $1.16481. The EUR/GBP is trading at 0.8771 Pence, down 0.11%; the pair has ranged from a session trough of 0.87650 Pence to a peak of 0.87912 Pence.
Pound Higher after BoE Data
In the UK, the Pound is getting some support from unexpectedly upbeat economic data which pushed the GBP/USD pair higher to $1.3319, a gain of 0.26%. According to the Bank of England, consumer credit for April is up to £1.832 billion, far higher than the £1.832 billion predicted, while March's figure was revised higher. Net lending to individuals also improved to £5.7 billion against forecasts of a decline to £5.2 billion.