Sterling had a poor day on Friday as revised GDP figures came in as expected showing a marginal improvement from the preliminary figures which were revised from -0.7% to -0.5%. In other news, one of the members of the Bank of England suggested that in the event of further loosening in monetary policy, a rate cut would be preferred over additional quantitative easing which was negative for sterling. Other data released showed that the Preliminary Business Investment figures were well below market estimates. A quiet week for the UK follows yesterday's bank holiday with little significant data released. As it is the final week of the summer holidays we should expect trading volumes to stay low but with so much uncertainty in Europe and heightened expectation in the US there is still the potential for a lot of volatility. Call in now for the latest rates.
The euro had a turbulent day on Friday as once again markets continued to speculate whether or not the European Central bank (ECB) will intervene in Government borrowing costs by capping bond yields and this is despite the ECB stating it would wait until after the German court ruling on the European Stability Mechanism (ESM). Some confidence was restored into the Eurozone after Germany's Chancellor stated that she wanted Greece to remain in the Eurozone and that she is working to make this so; however, made no suggestion was made that any extensions or amendments to the Greek bailout package would be given. Yesterday, German business climate sentiment figures came in below market estimates and the main other release this week will be the Italian benchmark 10 year bond auction on Thursday, whilst the ECB president will also be speaking on Saturday. Call in now for the latest news.
The US dollar had a mixed day on Friday as the Chairman of the Federal Bank hinted that further monetary policy could be used to stimulate growth and the annual Jackson Hole symposium this week is expected to give further clarification. Figures showing the change in the total value of new purchase orders placed with manufacturers for durable goods had increased by much more than anticipated; however, when transportation items were excluded the reading was much more negative showing contraction when slight growth had been anticipated. Another busy week for data this week includes Preliminary GDP figures which are expected to show the economy grew by 1.7%. Other data released includes consumer confidence figures, the number of homes pending sale, the change in the number of new people claiming unemployment benefits and the Chairman of the Federal Bank is also speaking. Get the latest news by calling in.
Elsewhere, trade balance data from New Zealand was much better than expected with a surplus of NZD15 million and Australian Conference Board index figures came out at 0.2%. This week one of the main released will be the Canadian GDP figures which expected to show very slight growth of 0.1%. Other data released includes business confidence from New Zealand; private capital expenditure and building approvals data from Australia, and then on Saturday morning, Chinese manufacturing Purchasing Managers' Index (PMI) will be released. 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 turbulent day on Friday as once again markets continued to speculate whether or not the European Central bank (ECB) will intervene in Government borrowing costs by capping bond yields and this is despite the ECB stating it would wait until after the German court ruling on the European Stability Mechanism (ESM). Some confidence was restored into the Eurozone after Germany's Chancellor stated that she wanted Greece to remain in the Eurozone and that she is working to make this so; however, made no suggestion was made that any extensions or amendments to the Greek bailout package would be given. Yesterday, German business climate sentiment figures came in below market estimates and the main other release this week will be the Italian benchmark 10 year bond auction on Thursday, whilst the ECB president will also be speaking on Saturday. Call in now for the latest news.
The US dollar had a mixed day on Friday as the Chairman of the Federal Bank hinted that further monetary policy could be used to stimulate growth and the annual Jackson Hole symposium this week is expected to give further clarification. Figures showing the change in the total value of new purchase orders placed with manufacturers for durable goods had increased by much more than anticipated; however, when transportation items were excluded the reading was much more negative showing contraction when slight growth had been anticipated. Another busy week for data this week includes Preliminary GDP figures which are expected to show the economy grew by 1.7%. Other data released includes consumer confidence figures, the number of homes pending sale, the change in the number of new people claiming unemployment benefits and the Chairman of the Federal Bank is also speaking. Get the latest news by calling in.
Elsewhere, trade balance data from New Zealand was much better than expected with a surplus of NZD15 million and Australian Conference Board index figures came out at 0.2%. This week one of the main released will be the Canadian GDP figures which expected to show very slight growth of 0.1%. Other data released includes business confidence from New Zealand; private capital expenditure and building approvals data from Australia, and then on Saturday morning, Chinese manufacturing Purchasing Managers' Index (PMI) will be released. Call in now for the latest news and a live quote.
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