Daily Foreign Exchange Market Update

In the foreign exchange market yesterday we saw the Pound strengthen against the Euro but weaken versus the US Dollar. The GBPEUR rate opened the day at 1.2348, a daily high, before peaking early afternoon to 1.2406 and closing the day out at 1.2385. The GBPUSD rate opened the day at 1.6043 and gained strength across the morning, peaking to 1.6057 just after lunch and closing out at a daily low of 1.6026. The only data from the UK yesterday was the revised GDP figure which stayed at 1.0%, as expected. Today there will be no data released from the UK.

The Euro weakened against the Pound and the US Dollar in yesterday’s market session. The EURUSD rate opened at a daily high of 1.2992 and lost ground across the first half of the day before it hit a daily low of 1.2916, closing the day out at 1.2939. There was no data released from the Euro-zone yesterday but today German CPI data will be released and is set to fall slightly from 2.0% to 1.9% showing a lower rate of inflation in the German economy.

The US Dollar saw losses against the Pound but strengthened against the Euro in the foreign exchange market yesterday. Durable goods orders were released yesterday and remained unchanged; they were expected to fall by 0.6% showing that there is still quite a relatively high level of confidence in the US economy. This was backed up by the fact consumer confidence came out a little higher than expected, at 73.7 compared to 73.1. Today will see new homes sales be released which are expected to fall from 389K to 387K.

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