Wednesday 25 April 2012

Foreign Exchange Market Update 25/04/2012


The Pound declined for the first time against the US Dollar and against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2254 at the morning’s open to trade towards a new high of 1.2277, before trading back lower around 1.2215 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6141 and was fairly range bound between 1.6164 and 1.6125, before trading back around 1.6132 by the European market close. The Pound however declined slightly against the Australian Dollar, but managed to gain against the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9830 at the morning’s open to trade up towards 1.9868 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5685 and finished the session lower at 1.5665.

Yesterday we had the release of the Public Finances (Mar) and Public Sector Net Borrowing (Mar) come in higher than expected. With the Public Finances (Mar) coming in at £16.5bln vs. £13.0bln which was up from the prior month’s revised figure of -£8.2bln and Public Sector Net Borrowing (Mar) came in higher than expected at £15.9bln vs. £14.2bln and up from the prior month of £9.9bln.

This morning we have some important data from the UK with the Gross Domestic Product due at 09:30 GMT, economists are expecting an increase for the quarter-on-quarter figure from -0.3% to 0.1% and a decline for the year-on-year figure from 0.5% to 0.3%. Also from the UK we have the CBI Business Optimism, Trends Selling Prices and Trends Total Orders for the month of April due at 11:00 GMT.

The Euro gained against the US dollar and against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3170 and traded towards the high of 1.3218, before trading back 1.3206 by the European market close.

Yesterday economic data from the Euro-zone was fairly light with the French Consumer Confidence Indicator (Apr) coming in at 88 up from the prior moth of 87 and Italian Wages month-on-month was left unchanged at 0.0%, however the year-on-year figure declined from 1.4% to 1.2%.

We have no economic data scheduled from the Euro-zone today.

The US Dollar gained against the Pound, but declined against the Euro currencies during the European session. Yesterday’s economic data from the US was fairly negative with New Home Sales (Mar) month-on-month missing expectations at -7.1% vs. 1.9% and down from the prior months revised figure of 7.3%. Also Consumer Confidence (Apr) came in slightly lower than expected at 69.2 vs. 69.6 and down from the prior month of 69.5.

Today’s key economic data from the US will be the Durable Goods Orders (Mar) which is due at 13:30 GMT and the FOMC Rate Decision (Apr 20) due at 17:30 GMT. Economists are expecting a decline in Durable Goods Orders from 2.2% to -1.5% and US rates to be left unchanged at 0.25%. We will also be keeping an eye on the 12:00 GMT MBA mortgage Applications (Apr 20) and the FED Bernanke Press Conference which is held after European trading hours at 19:15 GMT.


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Tuesday 24 April 2012

Foreign Exchange Market Update 24/04/2012


The Pound gained against the US Dollar and gained against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2234 at the morning’s open to trade in an uptrend towards the day high of 1.2270, before trading back around 1.2262 by the close of theUK business day. The GBP/USD exchange rate picked up from 1.6083 to trade in a Range between 1.6074 and 1.6115, before trading up around 1.6099 by the European market close. The Pound also maintained its strength against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9787 at the morning’s open to trade up towards 1.9840 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5589 and finished the session higher at 1.5633.

Yesterday we had no economic data scheduled from the UK. However today we have the release of Public Finances (Mar) and Public Sector Net Borrowing (Mar) due at 09:30 GMT. Economists are expecting an increase in both figures, with Public Finances expected to increase from -£7.8bln to £13.0bln and Public Sector Net Borrowing expected to increase from £12.9bln to £14.2bln.

The Euro declined against the US dollar and against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3145 and traded towards the low of 1.3104, before trading back 1.3128 by the European market close.

Yesterday economic data from the Euro-zone was fairly negative with the French Business Confidence Indicator (Apr) missing expectation, coming in at 95 vs. 96 and down from the prior month of 98. Both French Purchasing Manager Index for Manufacturing and Services missed expectations, with the Manufacturing coming in at 47.3 vs. 47.4 and Services 46.4 vs. 50.1. German Purchasing Manager Index was mixed with the Manufacturing missing expectations coming in at 46.3 vs. 49 and Services gained slightly coming in at 52.6 vs. 52.3 and up from the prior month of 52.1. Also Italian Consumer Confidence declined coming in at 89.0 down from the prior month of 96.3 and finally the Euro-zone PMI declined to 47.4 vs. 49.1 from the prior month.


This morning from the Euro-zone we have seen an increase in French Consumer Confidence Indicator (Apr) coming in at 88 up from the prior moth of 87. Also Italian Wages month-on-month was left unchanged at 0.0%, however the year-on-year figure declined from 1.4% to 1.2%.

Later this morning we will look out for the Euro-zone Release of Industrial Orders due at 10:00 GMT.

The US Dollar declined against the Pound, but managed to gain against the Euro currencies yesterday. There was no scheduled economic data from the US Yesterday, however today we will look out for the Consumer Confidence due at 15:00 GMT where economists are expecting a decline from 70.2 to 69.5. Also due at 15:00 GMT today we have the release of New Home Sales (Mar) which is expected to increase from 313k from the prior month to 320k and Richmond Fed Manufacturing Index (Apr) which is expected to decline from 7 to 6.

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Monday 23 April 2012

Foreign Exchange Daily Market Update 23/04/12


Last week the Pound made new highs for the year against US Dollar and the Euro in the foreign exchange market. The GBP/EUR exchange rate opened up at 1.2159 from Monday to trade up towards 1.2251 during the week before closing at 1.2201 on Friday. The GBP/USD exchange rate opened up at 1.5826 on Monday to gain across the course of the week and made new highs at 1.6142, before finishing the week around the 1.56121 level. The Pound also gained against the Australian dollar and against the New Zealand Dollar in the foreign exchange market last week. The GBP/NZD exchange rate picked up from 1.9265 to trade higher at 1.9742 by the close of the week. The GBP/AUD exchange rate opened up from 1.5308 and finished the week higher at 1.5536.

The week ahead will see some key economic data released from the UK. The first significant data to look out for will be released Tuesday with the Nationwide Consumer Confidence, Public Finances and Public Sector Net Borrowing. Followed by the Gross Domestic Product data due at 09:30 GMT on Wednesday, where economists are expecting a decline from 0.5% to 0.3% for the year-on-year figure and an increase from -0.3% to 0.1% for the Month-on-month. By the end of the week we have the Nationwide House Prices and GfK Consumer Confidence Survey due on Friday.

We have no scheduled economic data from the UK today.

The Euro gained against the US Dollar and declined against the Pound throughout last week in the currency exchange market. The EUR/USD rate picked up from 1.3016 at Monday’s open, to trade up to a week high of 1.3225 before trading back to 1.3211 by the close of the European trading session on Friday.

The main market focus for the week ahead in Europe will begin on Thursday, with the release of Euro-zone Consumer Confidence (Apr) and Business Climate Indicator (APR) all due at 10:00 GMT, followed by German Consumer Price Index (Apr) due at 13:00 GMT.  To end the week we have the German GfK Consumer Confidence Survey due on Friday at 07:00 GMT, where economists are expecting no change at 5.9.

This morning the French Business Confidence Indicator (Apr) missed expectation, coming in at 95 vs. 96 and down from the prior month of 98. Both French Purchasing Manager Index for Manufacturing and Services missed expectations, with the Manufacturing coming in at 47.3 vs. 47.4 and Services 46.4 vs. 50.1. German Purchasing Manager Index was mixed with the Manufacturing missing expectations coming in at 46.3 vs. 49 and Services gained coming in at 52.6 vs. 52.3 and up from the prior month of 52.1. Italian Consumer Confidence also declined coming in at 89.0 down from the prior month of 96.3 and finally the Euro-zone PMI declined to 47.4 vs. 49.1 from the prior month, putting further strain on the Euro this morning.

In a moment we have the Euro-zone Government Debt-GDP Ratio (2011) due at 10:00 GMT.

The US Dollar declined across the board especially against the Euro and the Pound in the currency markets last week. This week’s key events to look out for will be Tuesday’s Consumer Confidence (Apr) and New Home Sales (mar) both due at 15:00 GMT. During the week on Wednesday we will be looking out for the Durable Goods Orders (Mar) due at 13:30 GMT and on Thursday we have the Chicago Fed Nat Activity Index (Mar) alongside the Initial and Continuing Jobless claims all due at 13:00 GMT. Finally to end the week we will look out for the Gross Domestic Product due 13:30 GMT on Friday where economists are expecting a decline for the annualized figure from 3.0% to 2.5%.

There is no schedule economic data release from the US today.

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This Daily Market Update is brought to you by The Market Team @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.


Friday 20 April 2012

Foreign Exchange Daily Market Update 20/04/12


The Pound gained by a fraction against the US Dollar and gained against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2216 at the morning’s open to trade in an tight range between 1.2251 and 1.2201, before trading back around 1.2225 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6056 to also trade in an Range between 1.6072 and 1.6007, before trading back towards 1.6057 by the European market close. The Pound also maintained its strength against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9622 at the morning’s open to trade up towards 1.9697 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5469 and finished the session higher at 1.5534.

Yesterday we had no economic data scheduled from the UK. However today we have Retail Sales (Mar) due at 09:30GMT where economists are expecting an increase from 1.0% to 1.3% for the year-on-year figure and -0.8% to 0.4% for the month-on-month.

The Euro declined slightly against the US dollar and against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3141 and traded in a range between 1.3070 and 1.3165, before trading back towards 1.3132 by the European market close.

Yesterday economic data from the Euro-zone was fairly light with the Italian Industrial Orders NSA (Feb) declining from -5.6% to -13.2% for the year-on-year figure and missing expectations for the month-on-month figure at -2.5% versus -1.1%. Euro-zone Consumer Confidence (Apr) also missed economists expectations at -19.8 vs. -19 and down from the prior month of -19.1.

This morning from the Euro-zone we have seen an increase in German Producer Prices (Mar) from 3.2% to 3.3% and beating economists expectations of 3.1% for the year-on-year figure. German IFO Business Climate (Apr) also beat economists expectations at 109.9 vs. 109.5 expected by economists.

The US Dollar declined fractionally against the Pound and gained against the Euro currencies yesterday. US economic data was fairly negative yesterday with Initial and Continuing Jobless Claims missing expectations. Initial Claims came in at 386k higher than the 370k expected by economists but lower than the revised figure of 388k and Continuing Claims missed expectations at 3297k vs. 3300k. Also Existing Home Sales missed analysts expectations at 4.48mln vs. 4.62mln along with Philadelphia Fed (Apr) declining from 12.5 to 8.5. However Leading Indicators (Mar) beat expectations at 0.3% vs. 0.2% but was still lower from the prior month of 0.7%.

There is no scheduled economic data from the US today, however we have the IMF meeting in Washington today which is due around 14:00 GMT.

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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.



Thursday 19 April 2012

Foreign Exchange Daily Market Update 19/04/12

The Pound gained and made new highs for the year against both the US Dollar and the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2138 at the morning’s open to trade in a uptrend towards a new high of 1.2232, before trading back around 1.2208 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5919 to also trade in an uptrend creating a new high of 1.6043, before trading back towards 1.6019 by the European market close. The Pound also gained against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9370 at the morning’s open to trade up towards 1.9593 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5311 and finished the session lower at 1.5448.


Yesterday we had some important economic data from the UK which caused the pound to spike and continue the trading session to make new high’s for the year. We had Jobless Claims Change for the month of March come in much lower than analysts expected at 3.6k versus 6.0k and the overall figure was down from the prior month of 4.5k. Also the ILO Unemployment Rate (3m) (Feb) declined from 8.4% to 8.3% showing a slight improvement in the Jobs market.


This morning there is no scheduled data from the UK.


The Euro gained slightly against the US dollar but declined against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3115 and traded in a range between 1.3057 and 1.3123, before trading back towards 1.3123 by the European market close.

Yesterday economic data from the Euo-zone was fairly light with the Euro-zone Current Account n.s.a. (Feb) coming in at -€5.9bln vs. (Prev. -€12.3bln, Rev. -€10.1bln) and the Euro-zone Construction Output s.a. (Feb) came in lower at -7.1% compared to the previous month at -0.5% and -12.9% versus -2.7% for the year–on-year figure.


This Morning Italian Industrial Orders NSA (Feb) declined from -5.6% to -13.2% for the year-on-year figure and missed expectations for the month-on-month figure at -2.5% versus -1.1%. In a moment we will be looking out for the Spanish 2year and 10 year Bond Auction due at 09:30 GMT. Followed by Euro-zone Consumer Confidence (Apr) due at 15:00 GMT where economists are expecting a slight improvement from -19.1 to 19.


The US Dollar declined across the board against the Pound and against the Euro currencies yesterday. We had a very light day for economic data from the US with the MBA Mortgage Applications (APR 13) increasing from -2.4% to 6.9%.


Today we have some significant economic data from the US, firstly with the Initial and Continuing Jobless Claims due at 13:30 GMT, followed by US existing Home Sales (Mar), Leading Indicators (Mar), Philadelphia Fed (Apr) all due at 15:00 GMT.


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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.


Wednesday 18 April 2012

Foreign Exchange Daily Market Update 18/04/12

The Pound gained slightly against the US Dollar yesterday and gained against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2113 at the morning’s open to trade in a tight range between the high of the day at 1.2149 and the low of 1.2111, before trading back around 1.2138 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5920 to trade up to the day’s high of 1.5970 before trading back towards 1.5928 by the European market close. The Pound declined against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9472 at the morning’s open to trade down towards 1.9365 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5400 and finished the session lower at 1.5308.


Yesterday we had fairly significant data from the UK with the Consumer Price Index year-on-year (Mar) coming in higher that expected at 3.5% vs. 3.4%, this pushed the GBP/USD higher during the early trading session. Retail Price Index came in line with expectations at 3.6 and down from 3.7% for the year-on-year figure.


We have very important economic data from the UK this morning with the Bank of England Minutes and Jobless Claims Change and due at 09:30 GMT, where economists are expecting a decline from 7.2k to 6.0k for the jobless claims change.


The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3143 and traded in a small range between 1.3172 and 1.3104, before trading back towards 1.3122 by the European market close.


Yesterday we had EU Car Registrations for the month of month increase from the prior month of -9.7% to -7.0%. Followed by Euro-zone Consumer Price Index (Mar) year-on-year coming in slightly higher that expected at 2.7% vs. 2.6%, however the figure was unchanged from the previous release of 2.7%. Euro-zone ZEW Survey (Economic Sentiment) (Apr) increased from 11 to 13.1.


This morning economic data is fairly light, we have just had the Euro-zone Current Account n.s.a. (Feb) coming in at -€5.9bln vs. (Prev. -€12.3bln, Rev. -€10.1bln) and later we have the release of Euro-zone Construction Output (Feb) due at 10:00 GMT.


The US Dollar declined against the Pound and gained against the Euro currencies yesterday. We had fairly mixed economic data from the US yesterday with the Building Permits increasing from the previous 715k to 747K, which beat analyst’s expectations of 710k. Housing Starts (Mar) however declined from 694k to 654k and missed expectations of 705k, and Industrial Production (Mar) was unchanged from the prior month of 0.0% and missed expectations of 0.3%.


Today economic data from the US is very light with the MBA Mortgage Applications (Apr 13) due at 12:00 GMT



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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.

Tuesday 17 April 2012

Foreign Exchange Daily Market Update 17/04/12

The Pound gained against the US Dollar yesterday, but declined against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2139 at the morning’s open to trade to the low of the day of 1.2120, before trading back around 1.2139 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5826 to trade up to the day’s high of 1.5871 before trading back towards 1.5863 by the European market close. The Pound also gained against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9294 at the morning’s open to trade up towards 1.9369 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5308 and finished the session higher at 1.5340.


On the economic data front we had nothing schedule from the UK yesterday; however this morning at 09:30 GMT we will look out for the UK Consumer Price Index (Mar), where economists are expecting a slight decline from 2.4% to 2.3% for the year-on-year core figure. We will also be looking out for the Retail Price Index (Mar) figures which are due at 09:30 GMT.


The Euro gained against the US dollar but declined against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3016 and traded in a small uptrend by the afternoon towards the high of 1.3087, before trading back towards 1.3087 by the European market close.


Yesterday we had fairly light economic data from the Euro-zone Trade balance missing expectations at €2.8bln vs. €3.0bln; however the trade balance was up from the prior release of -€7.9bln. Also Italian Trade Balance came in better than expected at -€1113mln vs. -€1337mln and up from the prior release of -€4346mln.


This Morning we have seen EU Car Registrations for the month of month increase from the prior month of -9.7% to -7.0%. Later this morning we have the release of the Spanish 12 & 18 month bond auctions due at 09:30 GMT followed by Euro-zone Consumer Price Index (Mar) at 10:00 GMT, where economists are expecting a slight decline from 2.7% to 2.6%. Also to follow will be the German ZEW Economic Survey which is expected to decline by economists to 19.0 from 22.3 for the month of April.


The US Dollar declined against the Pound and against the Euro currencies yesterday. On the Economic data front the US posted fairly mixed data yesterday, with the Advance Retail Sales (Mar) coming in better than expected at 0.8% vs. 0.3% but was still lower from the previous revised figure of 1.0%. Also Empire Manufacturing posted a decline for the month of April from 18 to 6.58 and Business Inventories (Feb) came in line with expectations at 0.6% and lower from the prior month of 0.8%.


Today from the US we will be looking out for Building Permits (Mar) and Housing Starts which are both due at 13:30 GMT, followed by Industrial Production (Mar) due at 14:15 GMT.



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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.

Monday 16 April 2012

Foreign Exchange Daily Market Update 16/04/12

The Pound closed lower last week against the US Dollar and against the Euro in the foreign exchange market. The GBP/EUR exchange traded in a fairly open range last week, with the pair opening up at 1.2138 and traded in between the week high of 1.2154 and low of 1.2078, before closing the week at 1.2114. The GBP/USD exchange rate gained across the course of the week and erased its gains on Friday, starting from Monday’s open at 1.5873, we saw the pair trade to a week high of 1.5984 before finishing the week around the 1.5851 level. The Pound also declined against the Australian dollar and against the New Zealand Dollar in the foreign exchange market last week. The GBP/NZD exchange rate picked up from 1.9397, to trade lower at 1.9223 by the close of the week. The GBP/AUD exchange rate opened up from 1.5427 and finished the week lower at 1.5280.

The week ahead will see some key economic data released from the UK. The first significant data to look out for will be released Tuesday with the Consumer Price Index (Mar) due at 09:30 GMT, where economists are expecting the figure to be unchanged at 3.4%. During the week on Wednesday we have the Jobless Claims Change (Mar) due at 09:30 GMT where economists are expecting a decline from 7.2k to 6.0k. Finally to end the week we have the release of Retail Sales (Mar) due at 09:30 GMT on Friday.

This morning we have no scheduled data from the UK today.

The Euro gained against the US Dollar and against the Pound throughout last week in the currency exchange market. The EUR/USD rate picked up from 1.3076 at Monday’s open, to trade down to a week high of 1.3212 before trading back to 1.3083 by the close of the European trading session on Friday.

The main market focus for the week ahead in Europe will begin on Tuesday, with the release of Euro-zone Consumer Price Index year-on-year (Mar) due at 10:00 GMT. Economists are expecting a slight decline from 2.7% to 2.6% for the year-on-year core figure. Also to follow at 10:00 GMT economists expect a decline from 22.3 to 19.00 for the German ZEW Survey. To end the week we have German Producer Price Index (Mar) due at 07:00 GMT on Friday, where economists expect a decline from 3.2% to 3.1% for the year-on-year figure and unchanged at 0.4% for the month-on-month.

This morning we will look out for the Euro-zone Trade Balance due at 10:00 GMT.

The US Dollar declined against the Euro, but managed to gain against the Pound in the currency markets last weeks. This week’s key events to look out for will be today’s Advance Retail Sales (Mar), where economists are predicting a decline from 1.1% to 0.3%, followed by Business Inventories at 15:00 GMT. On Tuesday we will look out for the US Building Permits due at 13:30 GMT and Industrial Production at 14:15 GMT. To end the week will look out for the Initial and Continuing jobless claims on Thursday due at 13:30 GMT and the G-20 meeting of finance ministers in Washington due at 14:00 GMT.

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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.

Friday 13 April 2012

Foreign Exchange Daily Market Update 13/04/12

The Pound gained against the US Dollar yesterday, but declined against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2145 at the morning’s open to trade in a fairly open range between the high of the day at 1.2153 and the low of 1.2093, before trading back around 1.2099 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5924 to trade down to the day’s high of 1.5970 before trading back towards 1.5938 by the European market close. The Pound also continued its decline against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9415 at the morning’s open to trade down towards 1.9270 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5348 and finished the session lower at 1.5265.


On the economic data front we had the UK Visible Trade Balance come in worse than expected at -£8772mln vs. -£7650mln and down from the prior release of -£7883. Total Trade Balance and Trade Balance Non EU also declined coming in at -£3396mln vs. -£2000mln and -£5017mln vs. -£3825mln respectively.


This morning we will be looking out for the Producer Price Index due at 09:30 GMT, where economist are expecting a decline from 7.3% to 4.8% for the PPI Input n.s.a. (Mar) and decline from 3.0% to 2.6% for the PPI Output Core n.s.a. (Mar).


The Euro gained for the first time this week against the US dollar and continued its gain against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3111 and traded in an uptrend towards the high of 1.3187, before trading back towards 1.3170 by the European market close.


Yesterday we had fairly positive economic data from the Euro-zone with French Consumer Price Index (Mar) coming in better than expected at 0.8% vs. 0.6% and up from the prior month of 0.4%, however the year-on-year was unchanged at 2.3% but still beating estimates at 2.1%. Finally Euro-zone Industrial Production s.a (Feb) figures came in much better than expected at 0.5% vs. -0.3% and increased from the prior months revised figure of 0.0%.


This morning German Consumer Price Index (Mar) figures were unchanged, with the year-on-year figure remaining at 2.1% and 0.3% for the month-on-month.


Later today we have the Italian Consumer Price Index EU Harmonised (Mar) due at 10:00 GMT where economists are expecting no change from the prior numbers; 3.8% for year-on-year and 2.5% for the month-on-month.


The US Dollar declined against the Pound and against the Euro currencies yesterday. Economic data from the US was fairly mixed, with the Trade Balance (Feb) declining to -$46.0bln from -$52.5bln. Continuing Jobless Claims also declined yesterday to 3251k from 3349k, however Initial Jobless Claims (Apr 7) came in worse than expected at 380k vs. 355k. Also Producer Price Index (Mar) declined from 3.3% to 2.8% for the year-on-year figure and missing economists expectations at 3.1%.


Later today we will be looking out for the Consumer Price Index (Mar) figures due at 13:30 GMT, where economists are expecting a decline from 2.9% to 2.7% for the year-on-year figure and 0.4% to 0.3% for the month-on-month figure. Also we have the University of Michigan Confidence due at 14:55 GMT today with the economists expecting an increase from 76.2 to 76.5.



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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.


Thursday 12 April 2012

Foreign Exchange Daily Market Update 12/04/12

The Pound continued to decline against the US Dollar yesterday and remained flat against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2126 at the morning’s open to trade in a fairly tight range between the low of the day at 1.20096 and high of 1.2137, before trading back around 1.2126 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5891 to trade down to the day’s high of 1.5934 before trading back towards 1.5889 by the European market close. The Pound also declined against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9468 at the morning’s open to trade down towards 1.9429 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5458 and finished the session lower at 1.5429.


As for economic data from the UK we had the BRC like-for-like Sales (Mar) release in the early hours, posting a gain from -0.3% to 1.3% for the year-on-year figure.


This morning on the economic data front we have the UK Visible Trade Balance due at 09:30 GMT, where economists are expecting a further decline from -£7532 to -£7650 for the month-on-month figure.


The Euro remained flat against the US dollar and continued its gain against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3103 and traded in an open range between 1.3089 and 1.3157, before trading back towards 1.3103 by the European market close.


Yesterday was fairly light on the economic data front from the Euro-zone with German Wholesale Price Index (Mar) declining further from the prior of 1.0% to 0.9% and down from 2.6% to 2.2% for the year-on-year figure.


This morning we have the Monthly Budget report (April) to be published by the European Central Bank at 09:00 GMT, followed by Euro-zone Industrial Production s.a (Feb) figures due at 10:00 GMT. Economists are expecting a decline in the month-on-month Industrial Production numbers from 0.2% to -0.3%.


The US Dollar gained slightly against the Pound and remained flat against the Euro currencies yesterday. On the economic data front, MBA Mortgage figures declined this week from 4.8% to -2.4% and US Import Price Index month-on-month came in better than expected at 1.3% vs. 0.8%.


Later today we will be looking out for the Producer Price Index (Mar) figures due at 13:30 GMT, where economists are expecting a decline from 3.3% to 3.1% for the year-on-year figure. Also due at 13:30 GMT today we have the release of Initial and Continuing Jobless Claims.


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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.



Wednesday 11 April 2012

Foreign Exchange Daily Market Update 11/04/12

The Pound continued its decline against the US Dollar yesterday and declined against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2125 at the morning’s open to trade up towards the low of the day at 1.2078, before trading back around 1.2116 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5867 to trade down to the day’s low of 1.5807 before trading back towards 1.5834 by the European market close. However the Pound managed to gain against both the Australian Dollar and against the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9365 at the morning’s open to trade up towards 1.9466 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5408 and finished the session higher at 1.5425.


There was no significant data from the UK yesterday and have no further data released today. However overnight we had the UK BRC Sales year-on-year (Mar) increase from -0.3% to 1.3%.


The Euro continued to decline against the US dollar and gained against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3084 and traded in an open range between 1.3054 and 1.3138, before trading back towards 1.3067 by the European market close.


Yesterday we had German Trade Balance increase from the prior month of €13.2bln to €14.2bln. Business sentiment for Bank of France missed expectations at 95 vs. 96 however the figure was unchanged from the prior month, French industrial Production came in line with expectations at 0.3%, up from 0.2% from the prior month and French Manufacturing Production month-on-month came in worse than expected at -1.2% vs. 0.0%.


This morning we had the release of the German Wholesale Price Index (Mar) which declined from the prior of 1.0% to 0.9% and down from 2.6% to 2.2% for the year-on-year figure.


The US Dollar gained against the Pound and against the Euro currencies yesterday, following further negative news about Spanish debt and bond yields reaching 6.0%. On the economic data front from the US, we had seen Wholesale Inventories come in better than expected at 0.9% vs. 0.5% and up from the prior month’s 0.6%.


Today we will look out for the MBA Mortgage Applications (Apr 6) due at 12:00 GMT, followed by Import Price Index (Mar) due at 13:30 GMT. Later today we will also look out for the US Monthly Budget Statement due at 19:00 GMT


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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.

Tuesday 10 April 2012

Foreign Exchange Daily Market Update 10/04/12

The Pound declined against the US Dollar and against the Euro in the foreign exchange market yesterday. The GBP/EUR exchange rate picked up from 1.2138 at the morning’s open to trade up towards the high of the day at 1.2150, before trading back around 1.2132 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5872 to trade down to the day’s low of 1.5848 before trading back towards 1.5867 by the European market close. The Pound also declined against the Australian Dollar and against the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9397 at the morning’s open to trade down towards 1.9290 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5427 and finished the session lower at 1.5384.

We had no significant data from the UK yesterday and have not further data scheduled today.

The Euro gained against the US dollar and against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3075 and traded in an open range between 1.3046 and 1.3089, before trading back towards 1.3089by the European market close.

Yesterday we had no economic data scheduled from the Euro-zone. However this morning we have seen German Trade Balance increase from the prior month of €13.2bln to €14.2bln. Business sentiment for Bank of France missed expectations at 95 vs. 96 however the figure was unchanged from the prior month, French industrial Production came in with expectations at 0.3%, up from 0.2% from the prior month and French Manufacturing Production month-on-month came in worse than expected at -1.2% vs. 0.0%.

We have no further economic data scheduled from the Euro-zone today.

The US Dollar gained against the Pound but declined against the Euro currencies yesterday. We had no economic data front from the US yesterday, however today we have the NFIB Small Business Optimism (Mar) due at 12:30 GMT, followed by IBD/TIPP Economic Optimism (APR) and Wholesale Inventories (Feb) due at 15:00 GMT.

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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.



Thursday 5 April 2012

Foreign Exchange Daily Market Update 05/04/12

The Pound continued its decline against the US Dollar yesterday, but managed to gain against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2041 at the morning’s open to trade up towards the high of the day at 1.2103, before trading back around 1.2093 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5883 to trade down to the day’s low of 1.5830 before trading back towards 1.5878 by the European market close. The Pound also declined slightly against the Australian Dollar and gained against the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9469 at the morning’s open to trade up towards 1.9503 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5486 and finished the session lower at 1.5482.

Yesterday on the economic data front we had seen some positive data from the UK, with Purchasing Manager Index Services (Mar) coming in better than expected at 55.3 vs. 53.4. Housing sector also showed an improvement in the UK with the Halifax House Prices c.a. (Mar) beating expectations at 2.2% vs. -0.2%, which is up from the prior month of -0.4%.

This morning UK Manufacturing Production posted its biggest drop since April 2011 with the month-on-month coming in at -0.1% vs. Exp.0.1% and for the year on year-on-year figure came in at -1.4% vs. 0.1%. Industrial Production (Feb) came in lower than expected at -2.3% vs. -2.1% for the year-on-year figure, however the previous month figures were revised from -3.8% to 4.0%.

Later this morning we have the Bank of England Asset Purchase Target for the month of April due at 12:00 GMT, alongside the Bank of England Rate Decision (Apr 5) where economists are expecting no change.

The Euro continued to decline against the US dollar and declined against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3190 and traded in an open range between 1.3199 and 1.3106, before trading back towards 1.3127 by the European market close.

Yesterday we had seen Italian PMI Services miss expectations coming in at 44.3 vs. 44.4; however German, French and Euro-zone PMI Services came in better than expected. German PMI Services 52.1 vs. 50, French PMI Services 50.1 vs. 50 and Euro-zone PMI Services 49.2 vs. 48.7. We were then followed by disappointing Euro-zone Retail Sales data, with the figure declining from -1.1% to -2.1% for the year-on-year release and 1.1% to -0.1% for the month-on-month.

Later this morning we will be looking out for the German Industrial Production (Feb) due at 11:00 GMT, where economists are expecting a decline from 1.8% to 0.3% for the year-on-year figure.

The US Dollar gained against the Pound and gained against the Euro currencies yesterday. On the economic data front from the US, we had seen ADP Employment Change come in better than expected at 209k vs. 206k and was down from 230k from the prior month. Also ISM Non-Manufacturing missed expectations coming in at 56.0 vs. 56.8.

Today we will look out for the Initial and Continuing Jobless Claims due at 13:30 GMT.

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This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.


Wednesday 4 April 2012

Foreign Exchange Daily Market Update 04/04/12

The Pound declined against the US Dollar and against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2009 at the morning’s open to trade down towards the low of the day of1.1961, before trading back around 1.1968 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6019 to trade down to the day’s low of 1.5955 before trading back towards 1.5964 by the European market close. The Pound also declined against the New Zealand Dollar and the Australian Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9451 at the morning’s open to trade down towards 1.9381 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5511 and finished the session lower at 1.5389.

Yesterday on the economic data front we had seen some positive data from the UK, with Purchasing Manager Index Construction (Mar) coming in better than expected at 56.7 vs. 53.4.

This morning we have seen an improvement in the housing sector with the Halifax House Prices c.a. (Mar) beating expectations at 2.2% vs. -0.2%, which is up from the prior month of -0.4%. Also we have seen an improvement in the UK Purchasing Manager Index Services (Mar) coming in at 55.3 vs. 53.4 and up from the prior month of 53.8.

The Euro declined slightly against the US dollar and gained against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3338 and traded in an open range between 1.3367 and 1.3299, before trading back towards 1.3336 by the European market close.

Yesterday we had the Euro-zone Producer Price Index year-on-year (Feb) come in better than expected at 3.6% vs. 3.5%, however the figure was still down from 3.8%.

This morning we have seen Italian PMI Services miss expectations coming in at 44.3 vs. 44.4; however German, French and Euro-zone PMI Services came in better than expected. German PMI Services 52.1 vs. 50, French PMI Services 50.1 vs. 50 and Euro-zone PMI Services 49.2 vs. 48.7. Later this morning we will be looking out for the Euro-zone Retail Sales (Feb) y/y due at 10:00 GMT, where economists are expecting a decline from 0.0% to -1.1%. Shortly after we will keep a close eye on European Central Bank Rate Decision due at 12:45 GMT, economists are expecting the rates to be unchanged at 1.00%.

The US Dollar gained against the Pound and gained against the Euro currencies yesterday. On the economic data front from the US, we had seen Factory Orders miss expectations at 1.3% vs. 1.5%, but was still up from the prior month of -1.1%.

Later today we will be looking out for the 13:15 GMT US ADP Employment Change (Mar) where economists are expecting a decline from 216k to 200k. Also to follow at 15:00 GMT is the release of the ISM Non-Manufacturing Composite (Mar), where economists are expecting a decline from 57.3 to 56.9.


This Daily Market Update is brought to you by The Market Team @ KBRFXExchange Rate, Currency Conversion & Foreign Currency Transfer specialists.