The Pound declined against the US Dollar again yesterday but managed some gains against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.1937 at the morning’s open to trade in a fairly open range from the day low of 1.1928 and the high of 1.1998, before trading up around 1.1993 by the close of the
Yesterday on the economic data front we had seen some negative data from the
Today we have no scheduled economic data release from the
The Euro continued to decline against the US dollar and also declined against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3340 and traded in a downtrend towards the day low of 1.3251, before trading back towards 1.3264 by the European market close.
Yesterday from the Euro-zone we had German Unemployment Rate beat expectations with the rate declining from 6.8% to 6.7% and the Unemployment change came in better at -18K versus -10k expected by economists. However Euro-zone Business Climate Indicator came in worse than expected at -0.30 versus -0.16 and Consumer Confidence also declined slightly to 19.1 from -19.
This Morning German Retail Sales came in much better than expected at 1.7% vs. 0.1%, however it was in line with the prior month of 1.7%. French Producer Prices also should improvement increases from 0.7% to 0.8% for the month-on-month figure.
Today we will look out for the Consumer Price Index Estimate (Mar) due at 10:00 GMT, where economists are expecting a decline from 2.7% to 2.5%.
The US Dollar gained against the Pound and the Euro currencies yesterday. On the economic data front we had seen mixed data from the
Later today we will be looking out for the US Personal Consumption Expenditure Core (Feb) due at 13:00 GMT, where economists are expecting no change at 1.9%. Also we have the Chicago Purchasing Manager (Mar) due at 14:45 GMT, followed by