Sterling struggled yesterday as the manufacturing Purchasers Managers Index (PMI) figures released showed a sharper industry contraction than was initially anticipated. More bad news came as data revealed that the change in the value of money lent to individuals and the number of new mortgage approvals both fell short of their expected values. Housing data in the UK will be released this morning and there will also be a 10 – year benchmark bond auction today; but, construction PMI figures will be the main release on the agenda as the markets wait to see if there is any more optimism in the construction sector compared to the struggling manufacturing sector highlighted by yesterday's release. Please call in now for the latest rates.
The euro performed well yesterday despite data revealing that the unemployment rate in Europe has risen to a record high of 11.4%. The euro was boosted by increased global risk appetite due to positive manufacturing data released in the US, plus the markets are currently viewing the Spanish budget in a positive light. Out today, Spanish unemployment change and inflation data will be released; but, as usual the euro’s relative strength will be influenced by the larger factors at play meaning any unexpected news from Spain or Greece has the potential to spark a dramatic reaction in the market, so call in now for the latest news and changes in the euro rate.
The US dollar had a mixed day yesterday as manufacturing PMI figures showed the industry had unexpectedly expanded when slight contraction had been anticipated causing an appetite for risk to ripple through the market. More news came from the Chairman of the Federal Bank who vowed to keep interest rates at an all-time low till mid 2012 even if the economy starts to recover. There is very little data out of the US today except vehicle sales figures; as a result, the market will look elsewhere for influence. The US dollar remains under pressure as risk appetite drives the market; but, a sudden shift in risk sentiment could see the dollar on the offensive once more so get the latest update by calling in.
Elsewhere, the South African rand was one of the worst performing currencies yesterday as poor manufacturing data was released. Chinese manufacturing PMI figures were marginally better than expected but still indicated that its industry was contracting. Overnight, we had the Reserve Bank of Australia’s interest rate decision; but, there is very little data released elsewhere throughout the day. 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 performed well yesterday despite data revealing that the unemployment rate in Europe has risen to a record high of 11.4%. The euro was boosted by increased global risk appetite due to positive manufacturing data released in the US, plus the markets are currently viewing the Spanish budget in a positive light. Out today, Spanish unemployment change and inflation data will be released; but, as usual the euro’s relative strength will be influenced by the larger factors at play meaning any unexpected news from Spain or Greece has the potential to spark a dramatic reaction in the market, so call in now for the latest news and changes in the euro rate.
The US dollar had a mixed day yesterday as manufacturing PMI figures showed the industry had unexpectedly expanded when slight contraction had been anticipated causing an appetite for risk to ripple through the market. More news came from the Chairman of the Federal Bank who vowed to keep interest rates at an all-time low till mid 2012 even if the economy starts to recover. There is very little data out of the US today except vehicle sales figures; as a result, the market will look elsewhere for influence. The US dollar remains under pressure as risk appetite drives the market; but, a sudden shift in risk sentiment could see the dollar on the offensive once more so get the latest update by calling in.
Elsewhere, the South African rand was one of the worst performing currencies yesterday as poor manufacturing data was released. Chinese manufacturing PMI figures were marginally better than expected but still indicated that its industry was contracting. Overnight, we had the Reserve Bank of Australia’s interest rate decision; but, there is very little data released elsewhere throughout the day. 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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