Sterling
The euro fell against the US dollar yesterday, settling below the 1.30 line; but strengthened against sterling as traders mull over the idea that the Bank of England could loosen monetary policy. Revised GDP data from the euro-area as a whole came out as expected with a drop of 0.6% for the fourth quarter of last year. Today will see a lot of important data released, starting with a Spanish and French 10-year Bond Auction results. Later on, German factory orders are predicted to show an increase of 0.6% hopefully signalling an end to weakness in the industrial sector. The most anticipated release though is the European Central Bank (ECB) rate decision with much of the focus on the press conference that follows which often causes volatility in the market, so call in now for the latest news and changes in the euro rates.
US dollar
The US dollar enjoyed a strong day, making gains across the board after an influential employment release came in much better than expected. Notably, the US dollar made gains for the first time in three days against the euro to push back down below the 1.30 mark. Key releases this morning include trade deficit figures and the weekly unemployment figures both of which are forecast positively, which ought support continued dollar strength. That said, its likely to be a day for reaction with central bank announcements elsewhere. Get in touch now for the latest news and prices.
Worldwide
Elsewhere, the Polish zloty endured a very weak day today owing to Poland's Central Bank cutting interest rates to 3.25%. The Australian dollar was one of the best performers following GDP data showing the Australian economy grew by 0.6% in the 4th quarter. The Bank of Canada kept rates unchanged yesterday, but PMI data came out a lot worse than expected causing the Canadian dollar to weaken. Overnight we had the Bank of Japan's monetary policy decision, trade balance data from Australia and later on today we have trade balance data and building permits figures released from Canada. Call in now to lock in a price.
Sterling struggled yesterday, losing ground against most of its major peers, giving back its recent gains to head back down towards the 1.50 mark against the US dollar. The driving force behind this decline was speculation that the Bank of England Monetary Policy Committee would today increase its quantitative easing programme in an effort to boost the recovery. While the markets are full of chatter of a potential change, especially after 3 members voted in favour last month, it would be a surprise according to many, including major banks - implying that any increase would see a big reaction in exchange rates. All will be revealed at noon so call in for an update and the very latest rates.
Euro
The euro fell against the US dollar yesterday, settling below the 1.30 line; but strengthened against sterling as traders mull over the idea that the Bank of England could loosen monetary policy. Revised GDP data from the euro-area as a whole came out as expected with a drop of 0.6% for the fourth quarter of last year. Today will see a lot of important data released, starting with a Spanish and French 10-year Bond Auction results. Later on, German factory orders are predicted to show an increase of 0.6% hopefully signalling an end to weakness in the industrial sector. The most anticipated release though is the European Central Bank (ECB) rate decision with much of the focus on the press conference that follows which often causes volatility in the market, so call in now for the latest news and changes in the euro rates.
The US dollar enjoyed a strong day, making gains across the board after an influential employment release came in much better than expected. Notably, the US dollar made gains for the first time in three days against the euro to push back down below the 1.30 mark. Key releases this morning include trade deficit figures and the weekly unemployment figures both of which are forecast positively, which ought support continued dollar strength. That said, its likely to be a day for reaction with central bank announcements elsewhere. Get in touch now for the latest news and prices.
Elsewhere, the Polish zloty endured a very weak day today owing to Poland's Central Bank cutting interest rates to 3.25%. The Australian dollar was one of the best performers following GDP data showing the Australian economy grew by 0.6% in the 4th quarter. The Bank of Canada kept rates unchanged yesterday, but PMI data came out a lot worse than expected causing the Canadian dollar to weaken. Overnight we had the Bank of Japan's monetary policy decision, trade balance data from Australia and later on today we have trade balance data and building permits figures released from Canada. Call in now to lock in a price.
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