Foreign Exchange Market Update 11/05/2012

The Pound gained against the US Dollar and continued its gain against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2433 at the morning’s open to trade to a new high of 1.2497, before trading back around 1.2467 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6113 to trade down to the low of 1.6090, before trading back around 1.6158 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 2.0446 at the morning’s open to trade up towards 2.0528 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5934 and finished the session higher at 1.5978.

Yesterday we had slightly positive economic data from the UK, with Industrial Production (Mar) figures beating expectations coming in at -0.90% vs. -1.30% for the year-on-year release. The month-on-month industrial production however came in line with expectations of -0.30% down from the prior month of 0.4%. Manufacturing Production month-on-month also gained from the prior month coming in at 0.90% vs. -1.1%. The Bank of England also kept its Interest Rates unchanged at 0.50% and it’s Asset Purchase Target at £325bln.

This morning we will look out for the Producer Price index Figures due at 09:30 GMT, economists are expecting a decline for the PPI Output Core from 2.5% to 1.9%.

The Euro declined slightly against the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.2962 and traded towards the low of 1.2924, before trading back 1.2958 by the European market close.

Yesterday economic data from the Euro-zone was fairly mixed, with French Industrial (Mar) coming in lower than expected for the month-on-month figure at -0.9% vs. -0.6% and down from the prior month of 0.9%, however the year-on-year release was fairly positive coming in at -0.9% vs. -1.3%. Also Italian Industrial production beat expectations and increased from the prior month of -0.7% to 0.5%.

This Morning German Consumer Price Index came in slightly higher than expected at 2.1% vs. 2.2% and 0.2% vs. 0.1% for the month-on-month figure. Later this morning we will look out for the European Commission’s Economic Growth Forecasts due at 10:00 GMT.

Yesterday the US Dollar declined against the Pound and continued its gain against the Euro currencies during the European session. Economic Data was mixed from the US with the Trade Balance increasing from -$45.4bln to -$51.8bln. Followed by a positive Continuing Jobless Claims figure which declined from 3290k to 3229k for the week and Initial Jobless Claims came in slightly better than expected at 367k vs. 368k.

Today from the US we will be looking out for the Producer Price Index due at 13:30 GMT, where economists are expecting a decline from 2.8% to 2.1% for the year-on-year figure. Also today we will be looking out for the University of Michigan Confidence due at 14:55 GMT, where economists are expecting now change at 76.4.

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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.

Foreign Exchange Market Update 10/05/2012

The Pound decined against the US Dollar and continued its gain against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2428 at the morning’s open to trade to a new high of 1.2461, before trading back around 1.2450 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6148 to trade down to the low of 1.6066, before trading back around 1.6127 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 2.0517 at the morning’s open to trade up towards 2.0541 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.6014 and finished the session higher at 1.6019.

Yesterday we had slightly negative economic data from the UK, with BRC Sales like-for-like (Apr) figure declining from 1.3% to -3.3% and missed expectations of 0.6%.

This morning we have an important day on the economic data front, with Industrial Production (Mar) figures due at 09:30 GMT followed by the BOE Asset Purchase Target (May) and BOE Rate Decision which is expected to remain unchanged for the month of May. Later in the afternoon we have the NIESR Gross Domestic Product Estimate due at 15:00 GMT.

The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.2993 and traded towards the low of 1.2911, before trading back 1.2953 by the European market close.

Yesterday economic data from the Euro-zone was light and positive, with German Trade Balance (Mar) coming in at €17.4bln up from the prior months revised figure of €14.9bln.

This morning French Industrial (Mar) came in lower than expected for the month-on-month figure at -0.9% vs. -0.6% and down from the prior mint of 0.9%, however the year-on-year release was fairly positive coming in at -0.9% vs. -1.3%. Also Italian Industrial production beat expectations and increased from the prior month of -0.7% to 0.5%.

Yesterday the US Dollar gained against the Pound and the Euro currencies during the European session. Economic Data was fairly light from the US MBA Mortgage applications increasing from the prior week from 0.1% to 1.7% and Wholesale Inventories (Mar) missed expectations coming in at 0.4% vs. 0.6%, which was also down from the prior month of 0.9%.

Today from the US we will look out for the Trade Balance figure due at 13:30 GMT, which will also be accompanied by Initial and Continuing Jobless Claims. After the European trading session we will also be looking 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 @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.

Foreign Exchange Market Update 09/05/2012

The Pound gained slightly against the US Dollar and against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2398 at the morning’s open to trade to a new high of 1.2430, before trading back around 1.2413 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6149 to trade in a range between the low of 1.6123 and the high of 1.6164, before trading back around 1.6157 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 2.20405 at the morning’s open to trade up towards 2.0516 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5898 and finished the session higher at 1.5969.

Yesterday we had some negative economic data from the UK, with RICS House Price Balance (Apr) declining from the prior month of -11.0% to -19%. Also showing a decline from 1.5% to 1.3% was BRC Shop Price Index (Apr) which missed the year-on-year expectations of 1.6%.

This morning BRC Sales like-for-like (Apr) declined from 1.3% to -3.3%, which completely missed expectations of 0.6%. There is no further economic data scheduled from the UK today.

The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3025 and traded towards the low of 1.2982, before trading back 1.3015 by the European market close.

Yesterday economic data from the Euro-zone was light and positive, with German Industrial Production (Mar) beat expectations for the year-on-year figure coming in at 1.6% vs. -1.2% up from the prior revised release of 0.0% and the month-on-month figure rose from -0.3% from the prior month to 2.8%.

This morning we have seen the release of German Trade Balance (Mar) which came in positive increasing from €14.9bln to €17.4bln.

There is no further scheduled economic data from the Euro-zone today.

Yesterday the US Dollar declined against the Pound and gained against the Euro currencies during the European session. Economic Data was fairly light from the US with NFIB Business Optimism (Apr) increasing for the month from 92.5 to 94.5 and IBD Economic Optimism (Apr) beat expectations coming in at 48.5 vs. 48, however was still down from the prior release of 49.3.

Today we have another light day in regards to economic data from the US, with MBA Mortgage applications due at 12:00 GMT and Wholesale Inventories (Mar) due at 15:00 GMT.

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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.

Foreign Exchange Market Update 08/05/2012

Last week the Pound declined against US Dollar and but continued to gain against the Euro in the foreign exchange market. The GBP/EUR exchange rate opened up at 1.2300 from Monday to trade up towards 1.2195 during the week before closing back around 1.2333 on Friday. The GBP/USD exchange rate however opened up at 1.6283 on Monday to decline across the course of the week closing on Friday’s trading session around the 1.56145 level. The Pound also continued its gain 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 1.9834 to trade higher at 1.20347 by the close of the week. The GBP/AUD exchange rate opened up from 1.5590 and finished the week higher at 1.5841.


The week ahead will see some key economic data released from the UK. The first significant data to look out for will be released on Thursday with the Industrial Production (Mar) due at 09:30 GMT, where economist are expecting a decline from -1.4% to 1.3% for the year-on-year figure. Also we have the Bank of England Asset Purchase Target and Rate Decision due at 12:00 GMT. At the end of the week we have the release of the Producer Price Index due at 09:30 GMT, where economists will be expecting a decline from 2.5% to 1.9% for the Core Output Figure.


This morning there is no economic data scheduled from the UK.


The Euro declined against both the US Dollar and against the Pound throughout last week in the currency exchange market. The EUR/USD exchange opened up from 1.3238 at Monday’s open and traded lower towards 1.3084, before trading at 1.3094 by the close of the European trading session on Friday.


The main market focus for the week ahead in Europe will begin on Wednesday, with the release of the German Trade Balance (Mar) due at 07:00 GMT. Thursday we have the release of the ECB May Monthly Report due at 09:00 GMT and to end the week we have the release of German Consumer Price Index due at 07:00 GMT on Friday.


Later this morning we have the German Industrial Production (Mar) due at 11:00 GMT, where economists are expecting a decline from -1.0% to -1.2%.


The US Dollar gained against the Pound and against the Euro currencies during last week. This week’s key economic data to look out for will begin on Thursday with the Trade Balance due to release at 13:30 GMT and then followed by the US Monthly Budget Statement at 19:00 GMT. End of the week on Friday we have the Producer Price Index due at 13:30 GMT, followed by University of Michigan Confidence due at 14:55 GMT.


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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.

Foreign Exchange Market Update 04/05/2012

The Pound gained slightly against the US Dollar and against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2297 at the morning’s open to trade in a fairly open range between 1.2276 and 1.2340, before trading back around 1.2308 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6179 to trade in a range between the low of 1.6158 and the high of 1.6215, before trading back around 1.6183 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 2.20082 at the morning’s open to trade up towards 2.0218 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5712 and finished the session higher at 1.5768.

Yesterday we had some negative economic data from the UK, with Nationwide House Prices missed expectations where economists were expecting an increase from -1.0% to 0.5% from the prior month, the data came in negative at -0.2%. Also missing expectations was PMI Services (Apr) which declined from the prior month of 55.3 to 53.3.

This morning Halifax Plc House Prices (Apr) posted a decline coming in at -2.4% vs. -0.8% expected by economists and down from the prior month of 2.2%. There is no further economic data scheduled from the UK today.

The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3158 and traded towards the low of 1.3096, before trading back 1.3146 by the European market close.

Yesterday economic data from the Euro-zone was slightly negative with Euro-zone Producer Price Index coming in at 3.3% vs. 3.4% down from the prior month of 3.6% for the year-on-year figure and 0.5% vs. 0.6% for the month-on-month. Also European Central Bank kept interest rates at 1.00%, but indicated that interest rates remain supportive and expect a gradual economic recovery this year.

This morning we have seen the release of Italian, French, German and Euro-zone Services PMI for the month of April, which have all missed expectations. German services PMI was down from 52.6 to 52.2 and Euro-zone services PMI for the month of April also declined from 47.9 to 46.9.

Later this morning we will look out for the Euro-zone Retail Sales due at 10:00 GMT, where economists are expecting an increase from-2.1% to -1.1%.

The US Dollar declined against the Pound But managed to gain against the Euro currencies during the European session yesterday. Economic Data was mixed from the US with the Initial and Continuing Jobless Claims coming in better than expected. Initial Jobless Claims came in at 365k vs. 379k down from 392k and Continuing Claims came in at 3276k vs. 3311k also down from the prior month of 3329k. However ISM Non-Manufacturing Composite (Apr) missed expectations coming in at 53.5 vs. 55.3 and declined from the prior month of the 56.

Today we have some important economic data from the US, with the Change In Non-farm Payrolls (Apr) and US Unemployment Rate (Apr) due at 13:30 GMT. Economists are expecting an increase in Non-Farm Payrolls from 120k to 165k and expect no change in the Unemployment Rate at 8.2%.

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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.

Foreign Exchange Market Update 03/05/2012

The Pound declined against the US Dollar but managed to gain against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2295 at the morning’s open to trade towards a new high of 1.2326, before trading back lower around 1.2309 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6199 to trade in a range between the low of 1.6159 and the high of 1.6228, before trading back around 1.6189 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9906 at the morning’s open to trade up towards 1.9989 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5682 and finished the session higher at 1.5708.

Yesterday we had some positive economic data from the UK, with Mortgage Approvals (Mar) beating expectations at 49.9k vs. 48k and up from the prior month of 49k. Also Net Consumer Credit (Mar) showed improvement increasing from the prior month of £0.3bln to £0.4bln. However PMI Construction (Apr) was fairly mixed as we saw a beat on economists expectations of 55.8 vs. 54.0 but the overall figure was down from the prior month of 56.7.

This morning Nationwide House Prices missed expectations where economists were expecting an increase from -1.0% to 0.5% from the prior month, the data came in negative at -0.2%. Also missing expectations this morning PMI Services (Apr) declined from the prior month of 55.3 to 53.3.

There is no further economic data scheduled from the UK today.

The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3174 and traded towards the low of 1.3122, before trading back 1.3153 by the European market close.

Yesterday economic data from the Euro-zone was negative as German Unemployment Change unexpectedly increased for the month of April coming in at 19k vs. -10k expected by economists. German PMI Manufacturing (Apr) declined slightly from the prior month from 46.3 to 46.2.

This morning we will look out for the Euro-zone Producer Price Index due at 10:00 GMT, which is expected to decrease from 3.6% to 3.4% for the year-on-year figure and economists are expecting no change for the month-on-month figure at 0.6%. Also we have the European Central Bank Rate Decision due at 12:45 GMT where economists are expecting no change.

The US Dollar gained against the Pound and against the Euro currencies during the European session yesterday. Economic Data was mixed from the US with the ADP Employment Change (Apr) missing expectations coming in at 119k vs. 170k and down from the prior month of 201k. US Factory Orders however showed a slight improvement coming in at -1.5% vs. -1.6% expected by economists.

Today on the economic data front from the US we have the Initial and Continuing Jobless Claims due at 13:30 GMT, also followed by ISM Non-Manufacturing Composite due at 15:00 GMT.

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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.

Foreign Exchange Market Update 01/05/2012

The Pound declined  against the US Dollar and against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2300 at the morning’s open to trade towards a new high of 1.2310, before trading back lower around 1.2265 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6283 to trade in a downtrend after hitting a new high of 1.6300 towards the low of 1.6221, before trading back around 1.6225 by the European market close. The Pound also 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 1.9835 at the morning’s open to trade up towards 1.9841 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5589 and finished the session lower at 1.5583.

Yesterday we had no scheduled economic data from the UK yesterday and this morning we have seen a decline in UK Manufacturing PMI (Apr), coming in at 50.5 vs. 51.5 expected by economists for the month-on-month figure.

There is no further economic data scheduled from the UK today.

The Euro declined against the US dollar and gained against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3238 and traded towards the low of 1.3207, before trading back 1.3227 by the European market close.

Yesterday economic data from the Euro-zone was fairly mixed with the German Retail Sales (Mar) came in at 0.5% vs. 2.3% for the year-on-year figure and 1.0% vs. 0.8% for the month-on-month. Spanish GDP came in pretty much flat against the prior release of -0.3% but still lower from the expected -0.4%.

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

The US Dollar gained against the Pound and against the Euro currencies during the European session yesterday. Economic Data was mixed from the US with the Personal Consumption Expenditure Core came in line with expectations at 2.0% and up from the prior release of 1.9% and Personal Income (Mar) increased slightly at 0.4% vs. 0.3% from the prior month.

Today’s key economic data from the US will be the 15:00 GMT ISM Manufacturing (Apr), where economists are expecting a decline from 53.4 to 53.

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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.