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.

Follow us on Facebook and Twitter for the latest headline releases.

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