The Pound finished slightly lower against the US Dollar and declined against the Euro in the foreign exchange market yesterday. The GBP/EUR exchange rate picked up from 1.2009 at the morning’s open to trade down to the days low of 1.1949, before trading back down to 1.1960 by the close of the UK business day. The GBP/USD exchange rate traded in a tight range yesterday, with the pair opening up from 1.5852 finished the day lower at 1.5849 by the European market close. The Pound also finished lower against the New Zealand Dollar and the Australian Dollar in the foreign exchange market. The GBP/NZD exchange rate picked up from 1.8882 at the morning’s open to trade down to 1.8856 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.4740 and finished the session lower at 1.4724.
Yesterday we had no significant data from the UK, although today we will look out for UK Public Sector Borrowing due at 9:30 GMT.
The Euro gained against the pound and the US Dollar in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3197 to trade up to the day high of 1.3276 before closing out at 1.3248 by the European market close. Yesterday we saw further developments in regards to the Greek bailout fund and fairly good data from the Euro-zone, with French Production outlook Indicator increased from -36 to -27 and Italian Industrial Orders month-on-month came in much better than expected at 5.5% vs 0.4% expected by economists.
This morning from the Euro-zone we will look out for the bond auction from the EFSF due at 11:00 GMT and the Consumer Confidence for the month of February 15:00 GMT.
The US Dollar gained slightly against the Pound and declined against Euro currencies yesterday. There was no Economic data from the US yesterday due to a Presidents day holiday in the US. However today we will look out for the US Chicago Nat Activity Index (Jan) expected to increase from 0.17 to 0.22.
This Daily Market Update is brought to you by The Market Team @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.
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