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
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. UK
Yesterday we had slightly positive economic data from the
, 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. UK
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
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. US
Today from the
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 US due at 14:55 GMT, where economists are expecting now change at 76.4. University of Michigan Confidence
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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.