Sterling gained some ground against the euro during the course of Tuesday and was fairly steady against other currencies. The trade deficit for May was slightly better than Aprils as exports grew by 6.6%. Not sure what the split is between price increases resulting from a stronger pound against the euro or volume increases from increased trade. Hopefully the latter rather than the former but I suspect it’s the other way round. The key influencers for sterling for the rest of the week is probably going to be news elsewhere especially out of Europe. Call in now to see how sterling is faring.
Fairly safe to say the euro hasn’t any friends at the moment as it lost ground against the board yesterday. Slightly surprising as progress was made in supplying urgently required funds for the Spanish banks in a timely and flexible manner. This helped reduce yields on both Spanish and Italian government debt. I think the major problem is the lack of detail behind the policies put forward for resolving the longer term problems and this lack of detail increases the markets worries and uncertainties. Get the latest rates by calling in now.
The US$ had a similar day to sterling, steady against a wide range of currencies but gaining ground against the euro. No major news out of the US yesterday but today we have the release of the minutes of the last meeting of the Federal Reserve. The markets will be reviewing the committees view on the necessity for further quantitative easing. The Chairman of the Federal Reserve has made it quite clear that if he thinks the US economy is not moving forward as he would like then he will increase liquidity which is usually bad for a currency. Get an update now by calling in.
China surprised the markets in two ways yesterday. Their trade surplus increased to over US$30 billion when expectations were for it to fall and this increase was on the back of imports not growing as fast as expected or as fast as exports. The level of imports increased worries on the state of the Chinese economy especially after last week's cut in interest rates. Call now for a quote.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
Fairly safe to say the euro hasn’t any friends at the moment as it lost ground against the board yesterday. Slightly surprising as progress was made in supplying urgently required funds for the Spanish banks in a timely and flexible manner. This helped reduce yields on both Spanish and Italian government debt. I think the major problem is the lack of detail behind the policies put forward for resolving the longer term problems and this lack of detail increases the markets worries and uncertainties. Get the latest rates by calling in now.
The US$ had a similar day to sterling, steady against a wide range of currencies but gaining ground against the euro. No major news out of the US yesterday but today we have the release of the minutes of the last meeting of the Federal Reserve. The markets will be reviewing the committees view on the necessity for further quantitative easing. The Chairman of the Federal Reserve has made it quite clear that if he thinks the US economy is not moving forward as he would like then he will increase liquidity which is usually bad for a currency. Get an update now by calling in.
China surprised the markets in two ways yesterday. Their trade surplus increased to over US$30 billion when expectations were for it to fall and this increase was on the back of imports not growing as fast as expected or as fast as exports. The level of imports increased worries on the state of the Chinese economy especially after last week's cut in interest rates. Call now for a quote.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
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