Sterling had a fairly poor week weakening against the US dollar to a 4 month low and dropping against the Japanese yen to a 3.5 month low. With little significant data out of the UK this week, the market was trading on sentiment caused by news out of Europe. The UK’s main piece of data this week is the Manufacturing Purchasing Managers' Index (PMI) which is released today and should provide some insight into the state of the UK’s economy. With the UK so intrinsically linked to Europe, the negative sentiment in the Eurozone seems to be weighing on sterling’s strength; so, call in now for a live quote and the latest news.
The euro had a poor week plummeting to a 2 year low against the US dollar and also dropped to a staggering 12 year low against the Japanese yen underlining the markets fear surrounding the future of the Eurozone. This week, the credit rating agency Egan-Jones downgraded Spain for the second time in just two weeks. Bond yields in Italy and Spain continued to soar whilst the yield on the safe haven German bunds dropped to an all-time low. Furthermore, the EU suggested it would consider letting the ESM (European Stability Mechanism) lend directly to troubled banks; but, to date nothing has been confirmed. A thin day on the data front in Europe means the main release is the Euro wide unemployment rate figures; however, the market remains extremely nervy due to the on-going problems in Greece and Spain; as a result, there is the potential for a lot of volatility so call in now for the latest news and a live quote.
The US dollar performed well this week boosted by market fears in Europe and investors looking for a safe haven for their money. Despite the US dollars strength, it was a poor weak on the data front with pending home sales data released well below market expectations and first quarter GDP figures being revised downwards. Furthermore, more negativity came on the labour front as figures showed that the estimated change in the number of people employed in the US missed market expectations and the number of people claiming unemployment benefits was also worse than expected. The highly influential Non-Farm pay rolls employment data released today will provide some further insight to the state of the labour market in the world’s largest economy. On a busy day for economic data in the US we also see the release of manufacturing PMI and unemployment rate figures; so, call in now for the latest news and a live quote.
Elsewhere, the Japanese yen had an extremely strong week appreciating against the majority of currencies due to its safe haven status whilst the commodity backed currencies struggled. The main shock on the data front was the Australian retail sales figures which showed a contraction when 0.2% growth was expected. First thing this morning Chinese PMI and quarterly Japanese capital spending data was released. Swiss retail sales and GDP data from Canada is also released today; so, 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 week plummeting to a 2 year low against the US dollar and also dropped to a staggering 12 year low against the Japanese yen underlining the markets fear surrounding the future of the Eurozone. This week, the credit rating agency Egan-Jones downgraded Spain for the second time in just two weeks. Bond yields in Italy and Spain continued to soar whilst the yield on the safe haven German bunds dropped to an all-time low. Furthermore, the EU suggested it would consider letting the ESM (European Stability Mechanism) lend directly to troubled banks; but, to date nothing has been confirmed. A thin day on the data front in Europe means the main release is the Euro wide unemployment rate figures; however, the market remains extremely nervy due to the on-going problems in Greece and Spain; as a result, there is the potential for a lot of volatility so call in now for the latest news and a live quote.
The US dollar performed well this week boosted by market fears in Europe and investors looking for a safe haven for their money. Despite the US dollars strength, it was a poor weak on the data front with pending home sales data released well below market expectations and first quarter GDP figures being revised downwards. Furthermore, more negativity came on the labour front as figures showed that the estimated change in the number of people employed in the US missed market expectations and the number of people claiming unemployment benefits was also worse than expected. The highly influential Non-Farm pay rolls employment data released today will provide some further insight to the state of the labour market in the world’s largest economy. On a busy day for economic data in the US we also see the release of manufacturing PMI and unemployment rate figures; so, call in now for the latest news and a live quote.
Elsewhere, the Japanese yen had an extremely strong week appreciating against the majority of currencies due to its safe haven status whilst the commodity backed currencies struggled. The main shock on the data front was the Australian retail sales figures which showed a contraction when 0.2% growth was expected. First thing this morning Chinese PMI and quarterly Japanese capital spending data was released. Swiss retail sales and GDP data from Canada is also released today; so, 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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