Sterling had a mixed day yesterday, weakening against the euro and other European currencies due to an increase in global risk appetite. Sterling also struggled following worse than expected construction Purchasers Managers Index (PMI) figures being released which indicated that the construction industry was contracting despite markets predicting a neutral release. More negative data showed that the change in the selling price of homes had unexpectedly dropped by 0.4% when marginal growth had been anticipated. Services PMI figures will be the main release on the agenda today and investors will hope for a better reading than the announcements over the last two days. Current expectations are for marginal expansion; but, this seems somewhat hopeful following the manufacturing and construction figures that have been released, please call in now for the latest rates.
The euro performed well yesterday as the markets continue to predict that a full government Spanish bailout is imminent despite the Spanish Prime Minister categorically saying that it wasn’t. Spanish unemployment has risen by 79,600 from last month prompting investors to think that the Spanish government will have no choice but to request a full government bailout in the near future so as to shore up their economy. Services PMI figures will be released across Europe today whilst Europe wide retail sales figures will also be released on what is otherwise scheduled to be a fairly quiet day epitomised by the bank holiday in Germany, so call in now for the latest news and changes in the euro rate.
Overnight we have seen the US dollar gain ground against sterling and the euro as risk aversion came to the fore. This was after the US dollar had struggled yesterday as investor’s appetite for risk drove the market due to the increased speculation over a Spanish bailout. Non-manufacturing PMI data will be released today and the markets will hope this mirrors the unexpectedly positive manufacturing PMI reading on Monday. Other data released includes the change in the level of employment which should provide some insight into the expected figures for the highly influential Non-farm payrolls data released on Friday. The rapid movement in the US dollar over the last 24 hours highlights how volatile exchange rates are so please call in now for the latest news and a live update.
Elsewhere, the Australian dollar was one of the worst performing currencies yesterday following the Reserve Bank of Australia’s unexpectedly cutting interest rates by 0.25%. This was due to the weakening global economy and an increasingly pessimistic outlook on Australia’s GDP for 2013. Chinese non-manufacturing PMI data and trade balance figures from Australia were released over night; but, very little other data is scheduled to 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 performed well yesterday as the markets continue to predict that a full government Spanish bailout is imminent despite the Spanish Prime Minister categorically saying that it wasn’t. Spanish unemployment has risen by 79,600 from last month prompting investors to think that the Spanish government will have no choice but to request a full government bailout in the near future so as to shore up their economy. Services PMI figures will be released across Europe today whilst Europe wide retail sales figures will also be released on what is otherwise scheduled to be a fairly quiet day epitomised by the bank holiday in Germany, so call in now for the latest news and changes in the euro rate.
Overnight we have seen the US dollar gain ground against sterling and the euro as risk aversion came to the fore. This was after the US dollar had struggled yesterday as investor’s appetite for risk drove the market due to the increased speculation over a Spanish bailout. Non-manufacturing PMI data will be released today and the markets will hope this mirrors the unexpectedly positive manufacturing PMI reading on Monday. Other data released includes the change in the level of employment which should provide some insight into the expected figures for the highly influential Non-farm payrolls data released on Friday. The rapid movement in the US dollar over the last 24 hours highlights how volatile exchange rates are so please call in now for the latest news and a live update.
Elsewhere, the Australian dollar was one of the worst performing currencies yesterday following the Reserve Bank of Australia’s unexpectedly cutting interest rates by 0.25%. This was due to the weakening global economy and an increasingly pessimistic outlook on Australia’s GDP for 2013. Chinese non-manufacturing PMI data and trade balance figures from Australia were released over night; but, very little other data is scheduled to 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/
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