Sterling enjoyed a strong day yesterday, strengthening against all its major peers bar the Norwegian krone and erasing some of the losses seen earlier in the week. Speculation that the Bank of England is unlikely to implement another round of quantitative easing when policy makers meet next week led to increased confidence in the state of the UK’s economy. Today see’s the release of manufacturing Purchasers Managers Index (PMI) which is likely to give additional clarity as to how realistic last week's GDP figures were, or whether it was simply down to the 'Olympic effect'. If data comes out worse than forecast expect to see sterling drop as confidence in the recovery falters. Call in now to see if sterling has continued its upward trend and to get a live quote.
The euro had a strong start to the day as news spread that the Spanish Prime Minister had said that Spain will need the EU’s help to reach its budget targets. Rumours also spread that Greece had all but secured a 2 year extension on its bailout agreement following the Greek finance minister submitting the 2013 budget to parliament; however, much greater efforts are needed to reduce the country’s deficit. Other data released showed that the unemployment rate in Europe has hit fresh highs of 11.6%. There is very little data out of Europe today, but, any noteworthy news regarding Spain or Greece is bound to have a significant impact on the market. Please call in now for the latest news and changes in the euro rate.
The USD had a mixed day yesterday as America and in particular New York got back to work with Traders returning to the New York Stock Exchange after a two day closure. The dollar won back Tuesday's lost ground against the euro, yen and Australian dollar, but weakened off against sterling as speculation mounted that the Bank of England will refrain from further intervention. Today looks set for big change as employment, consumer confidence and manufacturing PMI data are all released. The market will play close attention to the unemployment data in particular for an indication on what sort of figures we can expect to see from Friday’s highly influential Non-farm pay rolls release. Positive data could see an end to the recent trend of negativity, and could kick start a hike in dollar value as it would be a key indication that the US is on its way to recovery; however, this could also inject greater risk appetite in to the market. Get the latest news by calling in.
Chinese manufacturing PMI data was released overnight and was better than expected and has boosted risk appetite. Elsewhere, the Norwegian krone was the stand out performer yesterday, strengthening against all its major counter parts as its central bank decided to keep interest rates on hold. The Japanese yen and Czech koruna both struggled yesterday as weak PMI data was released. Moreover, negative growth figures of -0.1% for Canada caused the Canadian dollar to weaken off, whilst Swiss retail sales and PMI data will be released this morning. 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 strong start to the day as news spread that the Spanish Prime Minister had said that Spain will need the EU’s help to reach its budget targets. Rumours also spread that Greece had all but secured a 2 year extension on its bailout agreement following the Greek finance minister submitting the 2013 budget to parliament; however, much greater efforts are needed to reduce the country’s deficit. Other data released showed that the unemployment rate in Europe has hit fresh highs of 11.6%. There is very little data out of Europe today, but, any noteworthy news regarding Spain or Greece is bound to have a significant impact on the market. Please call in now for the latest news and changes in the euro rate.
The USD had a mixed day yesterday as America and in particular New York got back to work with Traders returning to the New York Stock Exchange after a two day closure. The dollar won back Tuesday's lost ground against the euro, yen and Australian dollar, but weakened off against sterling as speculation mounted that the Bank of England will refrain from further intervention. Today looks set for big change as employment, consumer confidence and manufacturing PMI data are all released. The market will play close attention to the unemployment data in particular for an indication on what sort of figures we can expect to see from Friday’s highly influential Non-farm pay rolls release. Positive data could see an end to the recent trend of negativity, and could kick start a hike in dollar value as it would be a key indication that the US is on its way to recovery; however, this could also inject greater risk appetite in to the market. Get the latest news by calling in.
Chinese manufacturing PMI data was released overnight and was better than expected and has boosted risk appetite. Elsewhere, the Norwegian krone was the stand out performer yesterday, strengthening against all its major counter parts as its central bank decided to keep interest rates on hold. The Japanese yen and Czech koruna both struggled yesterday as weak PMI data was released. Moreover, negative growth figures of -0.1% for Canada caused the Canadian dollar to weaken off, whilst Swiss retail sales and PMI data will be released this morning. 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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