British Pound Fell Sharply Across The Board On Tuesday

The EUR was slightly stronger against the Greenback overnight climbing to hit its strongest level in nearly three weeks; despite recent troubles in some debt-straddled Euro Zone countries, which continue to hurt the currency.

Sterling fell sharply across the board on Tuesday on worries about a flagging UK economy and high debt levels, coupled with jitters as an election campaign got under way.

Investors already fretting about how the UK will tackle its ballooning fiscal deficit became increasingly nervous about an upcoming general election, which has to be held before June.

They are particularly mindful of the risks of a hung parliament, where no one party commands an overall majority. Analysts say such an outcome could mean any government would struggle to enact the fiscal measures necessary to cut UK debt.

A Bank of England policy decision is scheduled for Thursday, but analysts are not expecting any change to interest rates.

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The EUR Extended Losses Against Greenback

The EUR extended losses against the US Dollar following reports that the EU won’t provide financial assistance to Greece.

Greece is facing up to a debt mountain, with the deficit predicted to soar to 12% of GDP next year.

Please be aware of oil inventories this afternoon, and the non farm payroll figures, scheduled for release on Friday

ECB Council Member Christian Noyer said that he sees no risk of the euro zone suffering from deflation