UK Figures Suggest Recession Is Over

EUR/USD

Due to worries about the cost of protection against the government debt in Ireland and Portugal, the euro fell to 1.3775 dollars.

The G20 summit of advanced and developing economies is still maintaining a high level of currency tensions.

In contrast, the dollar rose to its highest levels since late October against major currencies.

According to traders, the market will observe an auction for long-dated Treasury bonds later today, which they expect, will give clues to the direction of the dollar.

EUR/GBP

Good figures such as the NIESR GDP estimate came out today, which continue to support the positive sentiment for the sterling. The figures suggest that the recession is over and that additional quantitative easing is not necessary to ensure recovery.

The euro continues to be suppressed as fear of euro zone debt is still at stake.

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