The pound is mixed this morning, consolidating against the broadly stronger dollar, but gaining against the euro as region’s major economies face troubles in auctioning government debt. Also supporting the pound was the better than expected PMI services report, which expanded to 54.0 from 52.1 in November, beating the expectations of 51.5 reading. Expect for the pound to remain supported against the euro as Eurozone countries remain under pressure as debt crisis intensifies.
The euro dropped across the board during the overnight trade after Greek Prime Minister Lucas Papademos warned that his country may face economic collapse by mid March. Mr. Papademos warned that deeper cuts in incomes are the only way Greece can remain in the euro area and receive additional financial aid package scheduled for March. Separately, France is auctioning 8 billion euro of government debt today, and after yesterday’s weaker than expected German bond sale the single currency came under additional pressure.
The dollar gained during the Asian session as investors run for safety of the US currency debt crisis in Eurozone looms and before US releases its services figures. ISM Non-Manufacturing gauge is expected to have expanded to 53.0 in December after reaching 52.0 in the previous reading. Expect for the greenback to remain supported as uncertainty in the markets drive investors into safety of the US currency.
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