Currency update: Markets turn sharply lower, Greek PSI results loom, EUR loses ground to US dollar

UK Money Transfer: The foreign exchange markets have reacted to renewed fears concerning Europe, the net result is a sharply stronger US dollar as investors seek out the currency's safety.

UniCredit note that investors are waiting for the Greek PSI results and with economic data failing to have a drastic impact.

Dow Jones has crunched the PSI numbers and concluded that the take-up rate in the PSI will come in between 75% to 80%. So, below the 90% level that would mean the CACs wouldn't be needed, but above the 66% mark below which the CACs couldn't legally be triggered.

Reuters is reporting that all Greek banks will take part in the PSI

The EUR-USD is still close to 1.32, thus somewhat away from the key test of 1.3150, which would imply a rejection of the bullish trend that has been in place since January. Attacks and retreats should continue today.

The pound dollar exchange rate managed to ignore the softer-than-expected UK Services PMI and should now hold the line close to the middle of the 1.58/1.59 band. In turn, EUR-GBP should slide to the edge of the 0.83 threshold.

A weaker Ivey PMI survey today in Canada should not influence USD-CAD, thus leaving it below parity, but commodity currencies are enduring most China’s decision to lower its 2012 growth target to 7.5%.

The RBA kept the OCR steady at the current 4.25% and retained an easing bias. Less brilliant Australia GDP for 4Q11 released tonight may still weigh but not too much below 1.06.

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