Sterling enjoyed a strong week against most of it major peers, reaching a peak of 1.2495 against the euro and 1.6175 against the US dollar. This was on the back of better than expected GDP data released the previous week and comments from several members of the Bank of England which has reduced expectations of further quantitative easing and led to increased confidence in the economy. Yesterday, manufacturing Purchasing Managers' Index (PMI) data came out weaker than expected showing that industry had contracted by more than anticipated which did dampen the positive sentiment towards sterling. Today sees the release of construction PMI figures which will give a good insight into UK economic health; should data come out worse than forecast, expect the pound to weaken as confidence falters. Call in now to see if sterling has managed to hold its gains and to get a live quote.
The euro struggled early in the week touching a three week low against the US dollar on Tuesday, but, has made some positive gains in the second half. This weakness was in part due to on-going problems in Greece, coupled with questions that were surrounding the potential Spanish bailout. However, the markets were buoyed following the Spanish Prime Minister announcing that Spain will need the EU’s help to reach its budget targets and after data released showed that Spain’s GDP had contracted by less than expected. Greece has now submitted its 2013 budget to parliament, but it was met with a frosty reception and a 2 day anti-austerity strike has already been planned for next week. The hope is that at a 2 year extension to the bailout agreement will be granted. However, the Eurogroup finance ministers have urged "Greek authorities to solve remaining issues…" underlining the uncertainty that still remains. Today we will see the release of Manufacturing PMI data across Europe and over the weekend G20 meetings will be taking place. Greece’s problems are fresh on traders' minds and any developments will likely cause volatility for the euro. Please call in now for the latest news and changes in the euro rate
The US dollar had a relatively strong start to the week with trading volumes extremely thin and as investors grew nervous what effect the New York Stock Exchange (NYSE) being shut for two consecutive days due to Hurricane Sandy dubbed 'Frankenstorm storm' could have on the markets in general. The dollar then weakened off as speculation mounted that the costs incurred due to Hurricane Sandy now appear less severe than initially expected. There was a raft of positive data released across the US yesterday as employment data, consumer confidence figures and manufacturing PMI data all came in better than expected. Today’s highly influential Non-farm pay rolls employment data will be the main release globally, whilst statistics showing the rate of unemployment will also be announced. Get the latest news by calling in.
Elsewhere, the main news came from Japan this week as the Bank of Japan announced a smaller than expected round of asset purchasing, but, further central bank monetary easing seems likely. Better than expected manufacturing data released yesterday helped the Australian dollar strengthen. The Hungarian forint had a turbulent week as negotiations stalled between Hungary’s chief negotiator and the Troika with regards to a potential bail out and following the news that its central bank cut interest rates for the third month in a row. The Canadian dollar had a volatile week, struggling as negative growth figures of -0.1% were released when marginal growth had been anticipated. As risk appetite increased, the Canadian dollar started to recover and if the two sets of employment data released today are positive expect to see the trend continue. Give us a call for a quote to get in before the price gets too high.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
The euro struggled early in the week touching a three week low against the US dollar on Tuesday, but, has made some positive gains in the second half. This weakness was in part due to on-going problems in Greece, coupled with questions that were surrounding the potential Spanish bailout. However, the markets were buoyed following the Spanish Prime Minister announcing that Spain will need the EU’s help to reach its budget targets and after data released showed that Spain’s GDP had contracted by less than expected. Greece has now submitted its 2013 budget to parliament, but it was met with a frosty reception and a 2 day anti-austerity strike has already been planned for next week. The hope is that at a 2 year extension to the bailout agreement will be granted. However, the Eurogroup finance ministers have urged "Greek authorities to solve remaining issues…" underlining the uncertainty that still remains. Today we will see the release of Manufacturing PMI data across Europe and over the weekend G20 meetings will be taking place. Greece’s problems are fresh on traders' minds and any developments will likely cause volatility for the euro. Please call in now for the latest news and changes in the euro rate
The US dollar had a relatively strong start to the week with trading volumes extremely thin and as investors grew nervous what effect the New York Stock Exchange (NYSE) being shut for two consecutive days due to Hurricane Sandy dubbed 'Frankenstorm storm' could have on the markets in general. The dollar then weakened off as speculation mounted that the costs incurred due to Hurricane Sandy now appear less severe than initially expected. There was a raft of positive data released across the US yesterday as employment data, consumer confidence figures and manufacturing PMI data all came in better than expected. Today’s highly influential Non-farm pay rolls employment data will be the main release globally, whilst statistics showing the rate of unemployment will also be announced. Get the latest news by calling in.
Elsewhere, the main news came from Japan this week as the Bank of Japan announced a smaller than expected round of asset purchasing, but, further central bank monetary easing seems likely. Better than expected manufacturing data released yesterday helped the Australian dollar strengthen. The Hungarian forint had a turbulent week as negotiations stalled between Hungary’s chief negotiator and the Troika with regards to a potential bail out and following the news that its central bank cut interest rates for the third month in a row. The Canadian dollar had a volatile week, struggling as negative growth figures of -0.1% were released when marginal growth had been anticipated. As risk appetite increased, the Canadian dollar started to recover and if the two sets of employment data released today are positive expect to see the trend continue. Give us a call for a quote to get in before the price gets too high.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
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