Sterling had a fairly mixed week with significant and rapid movements during the course of a day. The Bank of England decided to keep the base interest rate and the asset purchase facility on hold despite the call from the International Monetary Fund (IMF) for more monetary easing. Investors will wait to see how the MPC members voted when the meeting minutes are released on June 20. Market speculation is that the decision will have been close on further asset purchase being undertaken. Other data released this week included the Construction Purchasing Managers' Index (PMI) which came in as expected and Services PMI figures which were better than expectations. The main data on the agenda today are the figures depicting the change in the price of goods and raw materials purchased by manufacturers; so, call in now for the latest news and a live quote.
The Euro recovered from its 2 year low against the US dollar this week; but, struggled against the commodity backed currencies. The main news this week was the ECB’s announcement that it would keep rates on hold at 1.00% as was widely expected; however, the President of the ECB said that the prospect of cutting interest rates had been discussed at the central bank meeting. A relatively solid bond auction in Spain and France boosted confidence in the region yesterday. Very little significant data is released in Europe today; however, the markets are still nervous about the on-going problems in Spain and Greece; so, call in now for the latest news and a live quote.
The US dollar was fairly strong in the early part of the week, before weakening off as risk appetite returned to the market. It was fairly quiet week on the data front in the US with no significant surprises in the Beige Book; whilst, non-manufacturing PMI and unemployment figures came in as expected. The President of the Federal Bank did state however, that he sees considerable risk to the US economy from the problems that Europe is currently facing. The main data to note today is the trade balance figures which are released in the afternoon; so, call in now for a live quote and the latest update.
Elsewhere, the main news this week was the shock announcement that the People's Bank of China cut interest rates for the first time since 2008 by 0.25%. Furthermore, the Reserve Bank of Australia cut interest rates from 3.75% to 3.5% whilst the Bank of Canada kept rates on hold. Positive data from Australia produced quarterly GDP growth figures of 1.3% when only 0.5% was expected and better than expected employment figures. The Australian dollar has strengthened across the board. Japanese current account figures were released late last night; whilst, first thing this morning trade balance figures from Australia were released and the governor of the Reserve Bank of Australia was also speaking. Other releases today include Canadian trade balance figures, unemployment data and PMI data. 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 recovered from its 2 year low against the US dollar this week; but, struggled against the commodity backed currencies. The main news this week was the ECB’s announcement that it would keep rates on hold at 1.00% as was widely expected; however, the President of the ECB said that the prospect of cutting interest rates had been discussed at the central bank meeting. A relatively solid bond auction in Spain and France boosted confidence in the region yesterday. Very little significant data is released in Europe today; however, the markets are still nervous about the on-going problems in Spain and Greece; so, call in now for the latest news and a live quote.
The US dollar was fairly strong in the early part of the week, before weakening off as risk appetite returned to the market. It was fairly quiet week on the data front in the US with no significant surprises in the Beige Book; whilst, non-manufacturing PMI and unemployment figures came in as expected. The President of the Federal Bank did state however, that he sees considerable risk to the US economy from the problems that Europe is currently facing. The main data to note today is the trade balance figures which are released in the afternoon; so, call in now for a live quote and the latest update.
Elsewhere, the main news this week was the shock announcement that the People's Bank of China cut interest rates for the first time since 2008 by 0.25%. Furthermore, the Reserve Bank of Australia cut interest rates from 3.75% to 3.5% whilst the Bank of Canada kept rates on hold. Positive data from Australia produced quarterly GDP growth figures of 1.3% when only 0.5% was expected and better than expected employment figures. The Australian dollar has strengthened across the board. Japanese current account figures were released late last night; whilst, first thing this morning trade balance figures from Australia were released and the governor of the Reserve Bank of Australia was also speaking. Other releases today include Canadian trade balance figures, unemployment data and PMI data. 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/
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