The Pound gained against the US Dollar yesterday, but declined against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2145 at the morning’s open to trade in a fairly open range between the high of the day at 1.2153 and the low of 1.2093, before trading back around 1.2099 by the close of the
On the economic data front we had the UK Visible Trade Balance come in worse than expected at -£8772mln vs. -£7650mln and down from the prior release of -£7883. Total Trade Balance and Trade Balance Non EU also declined coming in at -£3396mln vs. -£2000mln and -£5017mln vs. -£3825mln respectively.
This morning we will be looking out for the Producer Price Index due at 09:30 GMT, where economist are expecting a decline from 7.3% to 4.8% for the PPI Input n.s.a. (Mar) and decline from 3.0% to 2.6% for the PPI Output Core n.s.a. (Mar).
The Euro gained for the first time this week against the US dollar and continued its gain against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3111 and traded in an uptrend towards the high of 1.3187, before trading back towards 1.3170 by the European market close.
Yesterday we had fairly positive economic data from the Euro-zone with French Consumer Price Index (Mar) coming in better than expected at 0.8% vs. 0.6% and up from the prior month of 0.4%, however the year-on-year was unchanged at 2.3% but still beating estimates at 2.1%. Finally Euro-zone Industrial Production s.a (Feb) figures came in much better than expected at 0.5% vs. -0.3% and increased from the prior months revised figure of 0.0%.
This morning German Consumer Price Index (Mar) figures were unchanged, with the year-on-year figure remaining at 2.1% and 0.3% for the month-on-month.
Later today we have the Italian Consumer Price Index EU Harmonised (Mar) due at 10:00 GMT where economists are expecting no change from the prior numbers; 3.8% for year-on-year and 2.5% for the month-on-month.
The US Dollar declined against the Pound and against the Euro currencies yesterday. Economic data from the
Later today we will be looking out for the Consumer Price Index (Mar) figures due at 13:30 GMT, where economists are expecting a decline from 2.9% to 2.7% for the year-on-year figure and 0.4% to 0.3% for the month-on-month figure. Also we have the
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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.
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