Today the main piece of information from the UK today is the CPI results that are expected to rise by 2.2% compared to 2.5% this time last year. CPI is always a key figure as it is the main measure for inflation, tracking changes in the price of a basket of goods.
The Euro lost ground against the Pound but gained some against the US Dollar in yesterday’s market session. The EURUSD opened at a day low of 1.2920, gaining strength in the morning before peaking at noon to reach 1.2979 – closing out lower at 1.2949. Yesterday the Commission president Jose Manuel Barroso spoke in Brussels and praised the EU’s international marketplace as the ‘cornerstone of European integration and sustainable growth’ and stated that he had seen a greater degree of openness in the council recently, showing greater confidence for the Euro-zone.
Today will also see CPI data coming out of the Euro-zone with the year-on-year figure for September set to increase by 2.7%, in line with the previous year’s result.
The US Dollar lost strength against both the Pound and the Euro yesterday on the back of advanced retail sales for September being released. This monthly measure of sales and goods at retail outlets is a significant market mover with more than 10% of all US economic activity being from retail sales. The figure increased by 1.1%, more then the analyst predictions of 0.8%.
The only significant piece of data coming out today is the CPI results, like the UK and Euro-zone, and is also expected to increase, by 1.9%, only slightly higher then the 1.7% increase last September.
This Daily Market Update is brought to you by The Market Team @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.
This Daily Market Update is brought to you by The Market Team @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.
No comments:
Post a Comment