Sterling stayed fairly range bound this week due to a lack of significant data released in the UK and because trade volumes remain low in the final week of the summer holidays. Overnight, consumer confidence figures were released and first thing this morning data showing the change is house prices was also announced. The summer doldrums have kept the markets relatively quiet this week; but, with so much uncertainty in Europe and the with the annual Jackson Hole symposium taking place in the US there is still the potential for a lot of volatility today. Call in now for the latest rates.
The euro had a fairly strong start to the week as traders' remain expectant that the European Central Bank will intervene in the government bond markets to drive down borrowing costs. A fairly successful benchmark Italian 10 year bond auction and relatively solid bond auctions in Spain also helped to calm the bond markets. Market concerns were also eased following comments from the Chinese Premier suggesting that the Chinese may buy European bonds. On a more negative note, German business climate sentiment figures came in below market estimates. German retail sales were released first thing this morning and then later on today, year on year inflation estimates and the rate of unemployment in Europe as a whole will also be released. Call in now for the latest news.
US dollar had a mixed week as preliminary GDP figures were released as expected showing that the economy grew by 1.7% whilst the previous quarters figure was also revised up to 1.7%. Other data released this week showed that consumer confidence figures had missed market estimates; but, the change in the number of homes pending sale increased by much more than anticipated. As has been the case for much of the week, the focus today remains firmly on the Chairman of the Federal Bank’s speech at the second day of the annual Jackson Hole symposium where he is expected to give further clarification on any monetary policy that may be implemented to stimulate growth. Get the latest news by calling in.
Elsewhere, we saw a lot of volatility caused by action taken or the lack thereof by a raft of central banks. The Hungarian central bank surprised the markets by cutting interest rates by 0.25%, the Polish central bank all but ruled out increasing interest rates in the short term and the suggestion was made that the Swedish central bank should look to lower interest rates to 1% this year. In other news, the Japanese government downgraded its view of its own economy. Overnight, a raft of data from Japan was released including inflation data and the rate of unemployment and later on today, the main feature will be the Canadian GDP figures which expected to show very slight growth of 0.1%. 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 fairly strong start to the week as traders' remain expectant that the European Central Bank will intervene in the government bond markets to drive down borrowing costs. A fairly successful benchmark Italian 10 year bond auction and relatively solid bond auctions in Spain also helped to calm the bond markets. Market concerns were also eased following comments from the Chinese Premier suggesting that the Chinese may buy European bonds. On a more negative note, German business climate sentiment figures came in below market estimates. German retail sales were released first thing this morning and then later on today, year on year inflation estimates and the rate of unemployment in Europe as a whole will also be released. Call in now for the latest news.
US dollar had a mixed week as preliminary GDP figures were released as expected showing that the economy grew by 1.7% whilst the previous quarters figure was also revised up to 1.7%. Other data released this week showed that consumer confidence figures had missed market estimates; but, the change in the number of homes pending sale increased by much more than anticipated. As has been the case for much of the week, the focus today remains firmly on the Chairman of the Federal Bank’s speech at the second day of the annual Jackson Hole symposium where he is expected to give further clarification on any monetary policy that may be implemented to stimulate growth. Get the latest news by calling in.
Elsewhere, we saw a lot of volatility caused by action taken or the lack thereof by a raft of central banks. The Hungarian central bank surprised the markets by cutting interest rates by 0.25%, the Polish central bank all but ruled out increasing interest rates in the short term and the suggestion was made that the Swedish central bank should look to lower interest rates to 1% this year. In other news, the Japanese government downgraded its view of its own economy. Overnight, a raft of data from Japan was released including inflation data and the rate of unemployment and later on today, the main feature will be the Canadian GDP figures which expected to show very slight growth of 0.1%. 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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