Daily Foriegn Exchange Market Update

During yesterday’s market session we saw the Pound lose ground against the Euro but gain a slight amount versus the US Dollar. The GBPEUR rate opened at a daily high of 1.2459 and slipped throughout the day to close out at a daily low of 1.2419. The GBPUSD rate opened the day at 1.5902 but fell to a daily low of 1.5887 just after lunch. It regained some momentum in the afternoon, peaking at 1.5919 mid-afternoon, closing the day at 1.5907. There was no significant data released from the UK yesterday and none will come out today.

The Euro gained against the Pound and the US Dollar in the foreign exchange market yesterday with the EURUSD rate opening at a daily low of 1.2763. It then moved up to a daily high of 1.2820 an hour before it closed out at 1.2805. No data was released from the Euro-zone yesterday but today has already seen German Producer Price Index (PPI) be released; showing the change in prices paid by domestic producers, also known as the factory gate prices and the figure came out lower than expected at 1.5%. Today will also see the Euro Area finance ministers meet and discuss the goings on in the Euro-zone, focusing mainly on the Greek dilemma.

The Dollar weakened against both the Pound and the Euro in yesterday’s foreign exchange market session. The main data from the US yesterday was, existing home sales which saw a decrease from 4.79M to 4.69M. Today will see building permits be released, the number of new residential building permits issues during the previous month. It was 0.89M and is expected to fall slightly to 0.87M.

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