Sterling had a fairly strong week hitting fresh 22 month highs against the euro, 4 month highs against the New Zealand dollar and a 5 month high against the Australian dollar; but, weakened off against the US dollar as risk aversion drove the market. Mixed data released in the UK showed weaker than expected manufacturing and services Purchasing Managers' Index (PMI); but, construction PMI beat the markets expectations. With very little data out today and the market will look to the US for influence with the release of the highly influential non-farm payrolls data; so, call in now for a live update and a live quote.
The euro traded in a similar pattern to sterling this week, strengthening against the Australian and New Zealand dollar; but, weakening off against the US dollar. A raft of poor manufacturing PMI data released showed that the manufacturing output had contracted sharply and was at the weakest level in 3 years. The ECB’s press conference was surprisingly upbeat with no suggestion that it was not looking to lower interest rates and it anticipated the economy would improve gradually. With retails sales figures released today in addition to the Greek and French elections on the horizon there is the prospect for even more uncertainty in the region if weak governments are formed; so call in now for the latest news and a live update.
The US performed well this week as risk aversion was the main driver in the market. A mixed week on the data front included manufacturing PMI and unemployment claims beating expectations; but, services PMI and ADP non-farm payrolls data missing the anticipated market figures. Today’s non-farm payroll data has caused a great deal of volatility in the past and is one of the most influential pieces of monthly data released in the US; so, call in now for the latest news and a live quote.
Elsewhere, the Australian and New Zealand dollar were two of the worst performing currencies this week as the Reserve Bank of Australia announced that it had cut interest rates by 0.5% when a 0.25% cut was widely expected and New Zealand’s jobless rate figures showed a sharp jump in the first quarter. Other data out this week produced an extremely poor GDP reading from Canada showing that the economy had contracted by 0.2% when 0.2% growth had been anticipated The Reserve Bank of Australia provided its statement on monetary policy last night, Swiss Retails sales are released first thing this morning and PMI data from Canada is released this afternoon. Call in now for an update and a live quote.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
The euro traded in a similar pattern to sterling this week, strengthening against the Australian and New Zealand dollar; but, weakening off against the US dollar. A raft of poor manufacturing PMI data released showed that the manufacturing output had contracted sharply and was at the weakest level in 3 years. The ECB’s press conference was surprisingly upbeat with no suggestion that it was not looking to lower interest rates and it anticipated the economy would improve gradually. With retails sales figures released today in addition to the Greek and French elections on the horizon there is the prospect for even more uncertainty in the region if weak governments are formed; so call in now for the latest news and a live update.
The US performed well this week as risk aversion was the main driver in the market. A mixed week on the data front included manufacturing PMI and unemployment claims beating expectations; but, services PMI and ADP non-farm payrolls data missing the anticipated market figures. Today’s non-farm payroll data has caused a great deal of volatility in the past and is one of the most influential pieces of monthly data released in the US; so, call in now for the latest news and a live quote.
Elsewhere, the Australian and New Zealand dollar were two of the worst performing currencies this week as the Reserve Bank of Australia announced that it had cut interest rates by 0.5% when a 0.25% cut was widely expected and New Zealand’s jobless rate figures showed a sharp jump in the first quarter. Other data out this week produced an extremely poor GDP reading from Canada showing that the economy had contracted by 0.2% when 0.2% growth had been anticipated The Reserve Bank of Australia provided its statement on monetary policy last night, Swiss Retails sales are released first thing this morning and PMI data from Canada is released this afternoon. Call in now for an update and a live quote.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
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