Major Currency Pairs Analysis: GBP Rose 0.6% To $1.5770

European Union finance ministers are resuming the fight over rules for failing lenders as they struggle to advance bank-union plans against German resistance that has hardened during the country’s election campaign. The government of German leader Angela Merkel has pushed back against a proposal by Michel Barnier, the EU’s financial services chief, for a single resolution mechanism to complement common bank oversight by the European Central Bank. The Barnier plan, announced in July, would create a 55 billion-euro ($72 billion) common fund. This would give the European Commission, the EU’s regulatory arm, the final say on when to close banks. As of present the euro has risen.

EUR/USD" width="623" height="467">



GBP/USD
The pound rose to its highest level versus the dollar in 12 weeks as U.K. Chancellor of the Exchequer, George Osborne, said that Britain’s economy is turning a corner and is in the early stages of a recovery. Sterling was within 0.5% of a seven-month high versus the euro before a report on Sept. 11 which economists said will show that U.K. jobless claims fell last month. Unemployment held at 7.8 percent in July, The pound rose 0.6 % to $1.5770.

GBP/USD" width="623" height="467">



USD/JPY
The yen weakened as a report showed the the nation’s economy expanded faster than initially estimated, and while Tokyo’s winning bid to host the 2020 Olympics boosted optimism in the government’s policies. Australia’s dollar touched a six-week high, and the South Korean won climbed to the highest level since May after a report showed that China’s exports increased.


USD/JPY" width="623" height="467">



USD/CAD
The Canadian dollar climbed to its highest level in almost three weeks after building permits rose to a record in July, adding to signs that the economy is gaining momentum. The currency advanced for a second day versus its U.S. peer as the value of municipal permits climbed 20.7% to C$7.99 billion ($7.70 billion), Statistics Canada said, A report tomorrow may show housing starts in August remained at almost the previous month’s level. Canada’s dollar rallied last week after the country added triple the amount of jobs forecasted.

USD/CAD" width="623" height="467">