Sterling had a poor day yesterday following the release of the Bank of England’s latest meeting minutes which highlighted the fact that whilst no further quantitative easing was introduced in September’s meeting, there is the potential for additional stimulus if the economy continues to struggle. As expected though, the Bank of England’s latest meeting minutes revealed that all of the members of the Monetary Policy Committee (MPC) voted to keep the asset purchase facility and interest rates on hold. The main release on the agenda today will be retail sales figures which are always a good indicator of the UK's economic health. However, we will have to see how much the Olympics have distorted the numbers. Call in now for the latest rates.
The euro had a mixed day as news spread that Germany’s opinion differed from much of Europe on how the proposed banking union should be supervised. On a more positive note, Standard and Poor’s (one of the big three credit rating agencies) said that it had no intention of downgrading Spain to “junk” grade in the near future. On the agenda today we have the Spanish 10 year bond auction which will be closely watched by investors as the markets continue to speculate that Spain may need a full government bailout. Other data released today includes the euro-area wide manufacturing and services Purchasing Managers' Index (PMI) figures. Call in now for the latest news.
After a strong start to the day the US$ weakened. This was despite the news that the number of homes (excluding new builds) that were sold during the previous month increased to a 2 year high and that the number of new residential building permits issued in the last month were as expected. The US$ is the weakest performing major currency over the last quarter. The main release today will be the Philly manufacturing index which will indicate the relative economic health in manufacturing sector. Other data out today includes the change in the number of new people claiming unemployment benefits, whilst two member of the Federal Open Market Committee (FOMC) are also speaking. Get the latest news by calling in.
Elsewhere, the Japanese yen performed well yesterday despite its initial weakness following the overnight announcement that the Bank of Japan was increasing its program of asset purchases to help economic growth. Overnight, GDP data from New Zealand was released as well as manufacturing PMI data from China. There is little other data announced throughout the day; 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/
Posts
No comments:
Post a Comment