Showing posts with label
Governor of the Bank of England.
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Showing posts with label
Governor of the Bank of England.
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Yesterday in the foreign exchange market we saw the Pound gain ground against the Euro and the US Dollar. The GBPEUR rate opened the day at a daily low of 1.1646 and strengthened until it closed out at a daily high of 1.1703. The GBPUSD rate followed a similar pattern, opening at a daily low of 1.5218 and closing out at a daily high of 1.5269. The Dollar also saw losses against the Euro with the EURUSD rate opening the day at 1.3068 and closing out at 1.3048.
It was a quiet day for data release yesterday with the main figure being Eurozone consumer confidence. It was expected to come out at -24 but came out slightly better at -22.3. US existing home sales for March came out better than expected, falling by 0.6% compared to the previous month.
There is expected to be a lot more data coming out today, we have already seen German and French PMI data be released. German PMI for services came out at 49.2 and for manufacturing, 47.9, both figures worse than expected. French PMI for services and manufacturing came out at 44.1 and 44.4 respectively, better than predicted. Eurozone PMI for services and manufacturing has just been released, at 46.6 and 46.5 respectively showing an expected deterioration in business conditions.
This Daily Market Update is brought to you by The Market Team @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.
Yesterday proved a good day for the Pound in the foreign exchange market as it gained strength against the Euro and the US Dollar. The GBP/EUR rate opened the day at a low of 1.1669 and strengthened across the day, hitting a daily high of 1.1757 before closing out at 1.1753. The GBP/USD rate opened the day at 1.5106 but dropped below the 1.51 level just after the open of the markets; it did however strengthen across the morning, hitting a daily high of 1.5144 before closing out at 1.5113. The US Dollar also saw losses against the Euro with the EUR/USD rate opening the day at 1.2945 and closing out at 1.2858.
Yesterday morning we saw UK CPI (inflation) come out at 2.8%, as expected but higher than the 2.0% target level set by the Bank of England. Regarding the current situation in Cyprus the political leaders are meeting for emergency talks after they rejected the international bailout deal put forward by the ECB. The plans to charge a one-off tax on savings failed to attract the necessary support and if a bailout deal is not agreed there are fears banks could remain closed as if they are opened there could be a high risk of a bank run.
The main news for today will be focused around the 2013 Budget which George Osborne will release around midday; before this we will see UK jobless claims change for February and the unemployment rate for the three months leading up to January. The jobless claims are expected to fall by 5K and the unemployment rate is expected to remain at 7.8%.
This afternoon will see the release of the FOMC’s decision on whether or not to keep the base interest rate at the current level of 0.25% and no change is expected.
This Daily Market Update is brought to you by The Market Team @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.
During yesterday’s foreign exchange market session the Pound lost ground against the Euro and the US Dollar. The GBPEUR rate opened at 1.2387 and moved to a daily high of 1.2403 early morning before closing the day out at 1.2378. The GBPUSD rate opened the day at 1.6008 and quickly hit a daily high of 1.6018 an hour after the open. It then proceeded to fall during the morning before it hit a daily low of 1.5962 just after lunch, closing the day out at 1.5996. Yesterday we saw no data be released from the UK but today the Bank of England will release their Financial Stability Report which assesses the overall stability of the financial sector at the time of publishing. We may see a significant movement in the GBP against other currencies as analysts will be looking for clues as to future monetary policies. Once the report has been published the Governor of the Bank of England, Mervyn King will hold a conference to discuss the topics covered, however we may see the main topic of conversation be about the announcement of Mark Carney as the new Governor, taking over from King next year.
The Euro saw gains against the GBP but overall it remained unchanged against the US Dollar yesterday. The EURUSD rate opened at 1.2923 before shooting up to a daily high of 1.2938 minutes after the open of the European market. It then slipped throughout the rest of the day, hitting a daily low of 1.2880 mid-afternoon before closing the day out again at 1.2923. The main news from the Euro-zone yesterday was that of German CPI (inflation) being released which came out in line with predictions at 1.9%, the same result as what came out for November 2011, showing no change in the price of living in Germany. Today German unemployment change has already been released which was expected to come out at 16K however it was much lower than predicted, coming out at 5K, some positive news for the German labour market.
Yesterday the US Dollar gained some strength against the Pound and remained unchanged overall against the Euro in the foreign exchange market. The only significant data coming out of the US yesterday were new homes sales which were lower than expected, 368K compared to the 387K that analysts predicted. Later today US GDP will be released with the figure set to rise from 2.0% to 2.8% the highest result since February. Unemployment claims are also set to be released later with the figure set to fall from 410K to 404K; if both these results are as expected we may see the US Dollar gain strength against the Pound so it could possibly be a good day for selling Dollars.
This Daily Market Update is brought to you by The Market Team @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.
The Pound saw losses against the Euro and the US Dollar in the foreign exchange market yesterday. The GBPEUR rate opened the day at 1.2355 but moved to a daily high of 1.2362 an hour after the open; it fluctuated throughout the day, dropping to a daily low of 1.2331 before closing the day out at 1.2350. The GBPUSD rate opened at 1.6027, hitting a daily high of 1.6034 mid-morning, before falling to 1.5996 in the afternoon and closing out the day at 1.6013. There was no data released form the UK yesterday but there was some big news as the new Governor of the Bank of England was announced. The Chancellor of the Exchequer, George Osborne, announced that the new Governor will be Canadian, Mark Carney who is currently Governor of the Bank of Canada and Chairman of the Financial Stability Board. Many analysts believe it is a sound choice as he has experience as a central banker and Canada has had no big banking crisis like the UK has. Today has already seen the UK GDP revised figure come out at 1.0%, so no change.
The Euro saw gains versus the Pound but losses against the US Dollar during yesterday’s market session. The EURUSD rate opened the day at 1.2972 and dropped to a daily low shortly after to reach 1.2947; it then quickly peaked up to 1.2981 before lunch before it closed the day out at 1.2966. The major news from the Euro-zone yesterday was the Euro-group meeting where for the third time this month leaders have tried to clear an aid payment to Greece. There will be no data from the Euro-zone today.
Yesterday we saw the US Dollar gain against the Pound and the Euro in the foreign exchange market even though there was no data released from the US. Today will see durable goods orders for October be released with the figure set to fall by 1.0%. This is much lower than the previous figure of 9.9% for September showing a lower amount of confidence in the US market however Consumer Confidence will also be released and is set to rise from 72.2 to 73.0.
This Daily Market Update is brought to you by The Market Team @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.
