Sterling broke through more resistance levels yesterday reaching fresh highs of 1.2310 against the euro and 1.6300 against the US dollar before weakening in the afternoon. Manufacturing Purchasing Managers' Index (PMI) figures for April released today will lead the UK’s economic calendar this week and should give some bearing on the state of the UK’s economy following last week's surprise first quarter GDP reading. Call in now for the latest news and a live quote.
The euro had a poor start today as Spanish GDP data released for the first quarter confirmed what many people had expected, that Spain was now back in recession. Furthermore, Standard and Poor’s (one of the big three credit rating agencies) has now downgraded 16 Spanish banks. Very little data is released today as the majority of Europe has a day off due to Labour Day bank holidays so call in now for a live update and a live quote.
The US dollar performed fairly well today recovering from early losses as personal income and spending rose last month and risk aversion drove the market. The Institute for Supply Management (ISM) manufacturing PMI indices data is released today and several member of the Federal Open Market Committee (FOMC) are also speaking who may provide some more light on the probability of further quantitative easing being implemented. Call in now the latest news and a live quote.
Elsewhere, the Canadian dollar was one of the worst performing currencies yesterday as data released showed that the economy contracted by 0.2% when a 0.2% growth had been anticipated. The Japanese yen also performed well yesterday due to its safe haven status in a risk adverse market. The Reserve Bank of Australia surprised the market by cutting interest rates by 0.5% when the expectation was for a 0.25% cut as they highlighted that the economy was weaker than forecast. The Australian dollar has lost ground as a result. Call in now for the latest news and a live quote.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
The euro had a poor start today as Spanish GDP data released for the first quarter confirmed what many people had expected, that Spain was now back in recession. Furthermore, Standard and Poor’s (one of the big three credit rating agencies) has now downgraded 16 Spanish banks. Very little data is released today as the majority of Europe has a day off due to Labour Day bank holidays so call in now for a live update and a live quote.
The US dollar performed fairly well today recovering from early losses as personal income and spending rose last month and risk aversion drove the market. The Institute for Supply Management (ISM) manufacturing PMI indices data is released today and several member of the Federal Open Market Committee (FOMC) are also speaking who may provide some more light on the probability of further quantitative easing being implemented. Call in now the latest news and a live quote.
Elsewhere, the Canadian dollar was one of the worst performing currencies yesterday as data released showed that the economy contracted by 0.2% when a 0.2% growth had been anticipated. The Japanese yen also performed well yesterday due to its safe haven status in a risk adverse market. The Reserve Bank of Australia surprised the market by cutting interest rates by 0.5% when the expectation was for a 0.25% cut as they highlighted that the economy was weaker than forecast. The Australian dollar has lost ground as a result. Call in now for the latest news and a live quote.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
Posts
No comments:
Post a Comment