Daily Foreign Exchange Market Update

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.

Daily Foreign Exchange Market Update

The Pound saw itself weaken against the Euro and the US Dollar in the foreign exchange market yesterday. The GBPEUR rate opened at 1.2422, a daily high, and lost strength across the day before closing out at a daily low of 1.2374. The GBPUSD rate opened at 1.5964 and quickly gained strength, hitting a daily high of 1.5979 early morning. Throughout the rest of the day it weakened before closing out at a daily low of 1.5930. There was no data released from the UK yesterday and none will come out today.

The Euro gained strength against both the Euro and the US Dollar during yesterday’s market session. The EURUSD rate opened the day at a daily low of 1.2851 before hitting a daily high of 1.2899 at midday, closing the day out at 1.2874. Yesterday we saw German, French and Euro-zone PMI all come out better than expected, some good news for once. Today German GDP figures have been released with the year-on-year and quarter-on-quarter figures coming out in line with predictions, 0.4% and 0.2% respectively. Today there is also a Euro-zone economic summit where heads of state will meet and discuss future plans for Spain and Greece.

The US Dollar saw some gains against the Pound but weakened against the Euro in the foreign exchange market yesterday. There was no data from the US yesterday as it was Thanksgiving and none will be released today

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

Daily Foreign Exchange Market Update

Yesterday in the foreign exchange market the Pound weakened against both the Euro and the US Dollar. The GBPEUR rate opened the day at 1.2507, a daily high before dropping to a daily low of 1.2468 just after lunch; it finally closed out at 1.2483. The GBPUSD rate opened at 1.5897 and hit a daily high of 1.5909 mid-morning, it then weakened throughout the rest of the day to close out at a daily low of 1.5869. There was no data released from the UK yesterday but today will see CPI (inflation) come out showing the change in prices of goods and services purchased by consumers. The previous month’s figure was 2.2% and today the figure is set to come out only slightly higher at 2.3%, further away from the headline inflation figure of 2%, set by the Bank of England.

The Euro gained some ground against the Pound and the US Dollar during yesterday’s market session. The EURUSD rate opened the day at 1.2709, falling quickly to reach a daily low of 1.2703; over the next two hours it gained strength to hit a daily high of 1.2726 before closing out the day slightly lower at 1.2712. Yesterday, Euro-Area ministers met in Brussels to discuss the situation in Greece and decided that they would give Greece two more years to meet its fiscal goals but are not expected to authorise more money. Today, German ZEW economic sentiment will be released showing the level of diffusion in the economy, a leading indicator of economic health. It surveys 275 German institutional investors and analysts and a total result of above 0 shows optimism, below 0 showing a pessimistic view on the economy. The result is expected to be -10.1, slightly better then last month’s result of -11.5 but still showing overall pessimism in the market.

The US Dollar gained against the Pound yesterday but weakened against the Euro in the foreign exchange market. Yesterday was a public holiday in the US so no data was released and today is a very quiet day on that front with no data being set to be released again.

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

Daily Foreign Exchange Market Update

Last week saw the Pound lose ground against the Euro and the US Dollar in the foreign exchange market. The GBPEUR rate opened the week at 1.2519, falling throughout the first half of the week before hitting a weekly low of 1.2453 on Wednesday morning. It then quickly gained ground to reach a weekly high on Thursday afternoon at 1.2561 before closing the week out slightly lower at 1.2514. The GBPUSD rate opened at a weekly high of 1.6013 before losing strength throughout the week and closing at a weekly low of 1.5906. Last week there were several pieces of data coming out of the UK, the most important being the Bank of England’s decision to keep the base rate and asset purchase target the same at 0.5% and £375B respectively. As well as this PMI for services was released which shows the level of business conditions in the services sector, it was worse than expected, coming out at 50.6 compared to the 52.0 predicted.

This week will see CPI (inflation) be released, showing the change in prices for retail goods, the Bank of England’s key measure on inflation and is expected to come out slightly higher than before at 2.4% Jobless claims will also be released showing the change in the number of people claiming unemployment-related benefits; the previous month’s figure was -4K and this month it is set to come out at -5.1K, a better result.

The Euro gained against the Pound but lost strength against the US Dollar during last week’s market session. The EURUSD rate opened the week at 1.2792 before moving to a weekly high of 1.2868 on Wednesday morning. It then weakened throughout the latter half of the week, dropping to a weekly low of 1.2689 on Friday afternoon, closing the week out slightly higher at 1.2715. Last week saw Spanish unemployment change be released, coming out at 128.2K, much higher then the 90.3K predicted, the highest since February, bad news for the Spanish job market. Mario Draghi spoke in a conference regarding the state of the Euro-zone economy. He stated that he expected inflation to fall below 2% in the next year even though unemployment is high and economic activity is week. He also said that the actions of the ECB should build confidence in the short term but only actions of the Government can build confidence in the long term. On Thursday it was announced that the ECB would keep their base interest rate at 0.75%.

This week will see most of the economic data come from Germany, with the German ZEW survey on economic sentiment, a good medium term forecast of the German economy being released on Tuesday, the result set to be -10, better then the previous result of -11.5. Thursday will see Germany release their third quarter GDP results, the figure set to be 0.1%, lower then the second quarter result of 0.3%. The Euro-zone third quarter GDP figure will also be released with the economy set to be seen to contract by 0.1% this quarter, slightly better then the second quarter where it contracted by 0.2%.

The US Dollar gained against both the Pound and the Euro in the foreign exchange market last week. Unemployment claims came out a lot better then expected, 355K compared to the 367K predicted, some good news for the US jobs market. The University of Michigan consumer confidence figure also came out higher then expected, 84.9 compared to 82.9, the highest figure we have seen since July 2007, very good news for the economy. The most significant figure coming out of the US this week is year on year CPI (inflation) which is set to fall slightly from 2.1% to 2%, not a great deal of change for inflation.

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

Daily Foreign Exchange Market Update

Last week in the foreign exchange market the Pound strengthened against the Euro but weakened against the US Dollar. The GBPEUR rate opened at 1.2449, falling during the first half of the week to a weekly low of 1.2382 on Wednesday morning before gaining strength across the latter half, peaking Friday morning to a weekly high of 1.2505, closing out slightly lower at 1.2477. The GBPUSD rate opened up at 1.6066 gaining strength throughout most of the week, peaking on Thursday morning to 1.6175 but then slipping down and closing out at a weekly low of 1.6027 on Friday afternoon. Last week the main piece of economic information released from the UK was PMI for manufacturing which is a gauge of manufacturing activity and future outlook. It was expected to fall slightly to 48.0 but actually came out a little lower than expected at 47.5. This week will see the Bank of England meet and decide on whether to change the asset purchasing programme and base rate or keep it the same at £375B and 0.5% respectively and analysts are expecting both to remain the same.

The Euro lost ground against both the Pound and the US Dollar during last week’s market session with the EURUSD rate opening at 1.2904, peaking Wednesday morning to 1.3021 but then closing out the week at a weekly low of 1.2845. Last week there were several pieces of significant data coming out of the Euro-zone including German CPI (inflation) which was higher than expected but the same as last month, 2.0%. German unemployment was also released and came stayed at 6.9%. The Spanish government released their budget last week which saw some improvement on the previous result but still a large deficit of -€46.11. This week will see the ECB meet and discuss the base rate decision which analysts predict to remain at 0.5%. Euro-zone PPI for September will be released early this week with the data set to come out slightly lower at 2.6% compared to the previous result of 2.7% showing a decreasing rate in the change in selling prices of goods.

The US Dollar gained strength against the Pound and the Euro last week in the foreign exchange market. The main data coming out was the unemployment rate which increased slightly from 7.8% to 7.9% and the change in non-farm payrolls which came out better then expected, increasing to 171K from 148K. This week is a very important week in US economics with Tuesday seeing Americans going to the polls to decide on who will be the next US President which will have some affect on the US Dollar.

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

Daily Foreign Exchange Market Update

Yesterday saw the Pound lose strength against the Euro and the US Dollar in the foreign exchange market, with the GBPUSD rate opening at a daily high of 1.6066 and falling throughout the day to close out at a daily low of 1.6020 at the end of trade. The GBPEUR rate opened at 1.2449, gaining strength before peaking at a daily high of 1.2453 around midday. It lost some ground throughout the rest of the day, dropping to a daily low of 1.2413 an hour before the end of trade where it closed out at 1.2423. There was not a lot of data coming from the UK yesterday, with mortgage approvals and change in net lending to individuals being the two most significant. An increase in mortgage approvals, 48.7K to 50K shows more confidence from lenders which can also be linked to the other data release, change in net lending to individuals, the amount of new credit issued to customers which hit a four year high. Augusts’ result was -0.3B and the predicted figure for September was 0.6B, however the actual result came out at 1.7B showing a much more confident outlook from lenders.

The Euro gained some ground against the Pound but lost some versus the US Dollar. The EURUSD rate opened up at 1.2904 remaining fairly unchanged throughout the day before fluctuating quite substantially several hours before the close of trade. It peaked at a daily high of 1.2924 and then dropped and closed out at a daily low of 1.2896 at the end of trade. Yesterday saw German CPI (inflation) being released with the figure coming out in line with the analysts expectations, 2.0%. As the headline figure for inflation, CPI tracks the change in price of a basket of goods bought by consumers and it reflects the purchasing power of the Euro in Germany. This morning saw German unemployment figures being released with the unemployment rate remaining unchanged at 6.9% but the unemployment changed being 20K, double the predicted figure of 10K which is bad news for the German labour market.

It was a good day for buying US Dollars as it gained against both the Pound and the Euro in the foreign exchange market. Yesterday US consumer expenditure was released, measuring a price change in consumer goods and services came out in line with the predictions of 1.7%. Like CPI results it is a good forecast of inflation but it differs from CPI as it only measures goods and services that are targeted towards and consumed by individuals. Today consumer confidence, data that assesses consumer sentiment on business conditions, employment and personal income will be released and it is set to rise from 70.3 to 73. Each month the Conference Board survey 5,000 people on their expectations on future economic conditions so an increase like predicted shows a greater level of confidence within the market by consumers.

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

Daily Foreign Exchange Market Update

The main news yesterday was that of the Pound falling to a 4 month low against the Euro in the foreign exchange market showing it is not a good time to be buying Euros. The GBPEUR rate opened at 1.2281, gaining strength during the first half of the day to reach a daily high of 1.2310. It then fell throughout the rest of the day, reaching a daily low of 1.2247 an hour before the close of trade, closing slightly higher at 1.2269. The Pound also lost ground against the US Dollar during yesterday’s market session. The GBPUSD rate opened at 1.6036, peaking early, a few hours into trading to reach 1.6053, before falling throughout the rest of the day to close out at a daily low of 1.6026. There was no data released from the UK yesterday and only one piece will be released today. BBA loans for house purchases in September will come out, the number of loans approved for house purchases in the month with the figure set to increase from 30,533 to 30,840, showing an increase in confidence which is healthy for the economy. However, Mervyn King, the Governor of the Bank of England will speak at the Chamber of Commerce today in Cardiff. As Governor of the Bank of England he has more influence over the Sterling than anyone else so analysts will scrutinize the speech to try and predict how the Pound will fare against foreign currencies.

Yesterday saw the Euro gain against the Pound and the US Dollar during the market session with the EURUSD rate opening at 1.3057 and closing at 1.3062. It fluctuated throughout the day, falling early morning to a daily low of 1.3025 but peaking an hour before the close of trade at 1.3083. The only data to be released from the eurozone yesterday was the government debt/GDP ratio for 2011. This ratio shows the amount of debt a eurozone country’s government has compared to the GDP of that country. At the end of 2010 the ratio was 87.2% and at the end of 2011 it increased slightly to 87.3%, not a great deal of difference, still a very high figure.

Today, eurozone consumer confidence will be released, data collected from a range of surveys on various topics including personal finance, the job market and future expectations. The previous figure was -25.9 and today’s figure is set to come out at -25.8, slightly better but still showing a very low level of confidence within the eurozone area.

The US Dollar gained strength against the Pound but weakened against the Euro during yesterday’s foreign exchange market session. This came off the back of no data being released from the US yesterday, the only news being the third and final US presidential debate, the election being dubbed the economic election where the main topic of conversation was foreign policy including defence spending and the trade partnership with China. No data will be released from the US today.

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

Daily Foreign Exchange Market Update

Thursday saw the Pound stay unchanged against the Euro, opening and closing at 1.2315, peaking early morning to 1.2330 and dipping to a day low of 1.2304 around noon. The Pound however lost strength against the US Dollar yesterday with the GBPEUR rate opening at 1.6142, falling to a day low early morning to 1.6116. It peaked at midday to 1.6171 and fell throughout the rest of the day to close out at 1.6138. Yesterday saw retail sales being released from the UK with positive results coming out. In September sales in creased by 0.6%, much better then August results which fell by 0.1%. Clothing and footwear sales were up by 2%, showing solid growth from the UK in Q3.

Today will see UK Public Finances, the amount of money financed to the government, being released. The previous figure was a deficit, –9.6B, which is unfavourable and can be bearish for the Pound. The figure for September is set to come out at 4.7B, a more positive result.

The Euro was unchanged against the Pound and lost ground against the US Dollar in the foreign exchange market yesterday. The EURUSD opened at 1.3107, climbing mid-morning to 1.3129 before falling for the rest of the day – reaching a day low of 1.3078, closing slightly higher at 1.3098. Yesterday the main news was from the EU Summit where the leaders have agreed to set up a single eurozone banking supervision, meaning they are getting closer to a banking union which allows the central bank to intervene, if necessary, on any of the 6,000 banks in the eurozone. There was some news out of Italy with its third largest lender having its credit rating cut to junk (Baa3 to Baa2) by Moody’s. Today will see German Producer Prices being released which are set to rise by 1.6%, same as last years result, showing an increase in the prices paid by domestic producers for goods.

The US Dollar gained strength against both the Pound and the Euro during yesterday’s market session even though US initial jobless claims came out a lot higher then expected, 388K compared to 365K. Today there will be no data coming out of the US.

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

Daily Foreign Exchange Market Update

Yesterday we saw very little change between the Pound and the Euro in the foreign exchange market with the Pound slightly losing strength against its single currency counterpart. The GBPEUR opened at 1.2310, sharply dropping to a day low an hour after the open of trade, to 1.2299 before gaining strength over the next hour to peak at 1.2332. It then lost some ground across the rest of the day before closing only slightly lower at 1.23095. The Pound however gained strength against the US Dollar yesterday with the GBPUSD opening at 1.6134 slipping early morning to a day low of 1.6115. During lunch it peaked to 1.6178 before ending the day lower at 1.6178. The main piece of data coming out of the UK yesterday was unemployment rate which fell to 7.9% from 8.1%, the lowest rate since June 2011, some positive news for the economy. The only significant piece of data coming from the UK today is retail sales which came out at 2.9%, the same as the September 2011 result, it was only predicted to increase by 2.4% showing a greater consumer demand, in turn, a greater consumer confidence and economic growth. The month on month result increased by 0.6%, a lot better then last month's result of -0.2%.

The Euro gained a minimal amount of strength against the Pound and gained against the US Dollar during yesterday’s market session off the back of no data coming out of the Euro-zone yesterday. The EURUSD opened at 1.3107 before dropping to a day low minutes after the open of trade, to 1.3091. It gained over the morning and peaked early afternoon to 1.3137 before closing slightly lower at 1.3132. The main information from the Euro-zone today is that Angela Merkel is speaking at the EU summit later. She has already addressed the German government in the Bundestag where she reiterated her wish for Greece to stay in the Euro-zone. The EU summit today is meant to address youth unemployment which is one of the major concerns in the Euro-zone at the moment as well as discussing banking supervision and oversight. Later today Spain are set to sell 3, 4 and 10 year bonds hoping to raise between 3.5 and 4.5 billion Euros, however in the pre-market all the bonds are trading slightly lower then they were in previous auctions.

The US Dollar lost strength yesterday against both the Pound and the Euro during yesterday’s market session. The main data was from the housing sector where building permits and housing starts were released. Both increased more than expected with building permits coming out at 894K compared to the prediction of 810K and housing starts were a lot higher then analysts’ view of 770K, coming out at 872K. Today initial jobless claims will be released from the US with an increase expected, 363K compared to the previous result of 339K.

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

Foreign Exchange Market Update 11/05/2012

The Pound gained against the US Dollar and continued its gain against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2433 at the morning’s open to trade to a new high of 1.2497, before trading back around 1.2467 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6113 to trade down to the low of 1.6090, before trading back around 1.6158 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 2.0446 at the morning’s open to trade up towards 2.0528 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5934 and finished the session higher at 1.5978.

Yesterday we had slightly positive economic data from the UK, with Industrial Production (Mar) figures beating expectations coming in at -0.90% vs. -1.30% for the year-on-year release. The month-on-month industrial production however came in line with expectations of -0.30% down from the prior month of 0.4%. Manufacturing Production month-on-month also gained from the prior month coming in at 0.90% vs. -1.1%. The Bank of England also kept its Interest Rates unchanged at 0.50% and it’s Asset Purchase Target at £325bln.

This morning we will look out for the Producer Price index Figures due at 09:30 GMT, economists are expecting a decline for the PPI Output Core from 2.5% to 1.9%.

The Euro declined slightly against the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.2962 and traded towards the low of 1.2924, before trading back 1.2958 by the European market close.

Yesterday economic data from the Euro-zone was fairly mixed, with French Industrial (Mar) coming in lower than expected for the month-on-month figure at -0.9% vs. -0.6% and down from the prior month of 0.9%, however the year-on-year release was fairly positive coming in at -0.9% vs. -1.3%. Also Italian Industrial production beat expectations and increased from the prior month of -0.7% to 0.5%.

This Morning German Consumer Price Index came in slightly higher than expected at 2.1% vs. 2.2% and 0.2% vs. 0.1% for the month-on-month figure. Later this morning we will look out for the European Commission’s Economic Growth Forecasts due at 10:00 GMT.

Yesterday the US Dollar declined against the Pound and continued its gain against the Euro currencies during the European session. Economic Data was mixed from the US with the Trade Balance increasing from -$45.4bln to -$51.8bln. Followed by a positive Continuing Jobless Claims figure which declined from 3290k to 3229k for the week and Initial Jobless Claims came in slightly better than expected at 367k vs. 368k.

Today from the US we will be looking out for the Producer Price Index due at 13:30 GMT, where economists are expecting a decline from 2.8% to 2.1% for the year-on-year figure. Also today we will be looking out for the University of Michigan Confidence due at 14:55 GMT, where economists are expecting now change at 76.4.

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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.

Foreign Exchange Market Update 10/05/2012

The Pound decined against the US Dollar and continued its gain against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2428 at the morning’s open to trade to a new high of 1.2461, before trading back around 1.2450 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6148 to trade down to the low of 1.6066, before trading back around 1.6127 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 2.0517 at the morning’s open to trade up towards 2.0541 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.6014 and finished the session higher at 1.6019.

Yesterday we had slightly negative economic data from the UK, with BRC Sales like-for-like (Apr) figure declining from 1.3% to -3.3% and missed expectations of 0.6%.

This morning we have an important day on the economic data front, with Industrial Production (Mar) figures due at 09:30 GMT followed by the BOE Asset Purchase Target (May) and BOE Rate Decision which is expected to remain unchanged for the month of May. Later in the afternoon we have the NIESR Gross Domestic Product Estimate due at 15:00 GMT.

The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.2993 and traded towards the low of 1.2911, before trading back 1.2953 by the European market close.

Yesterday economic data from the Euro-zone was light and positive, with German Trade Balance (Mar) coming in at €17.4bln up from the prior months revised figure of €14.9bln.

This morning French Industrial (Mar) came in lower than expected for the month-on-month figure at -0.9% vs. -0.6% and down from the prior mint of 0.9%, however the year-on-year release was fairly positive coming in at -0.9% vs. -1.3%. Also Italian Industrial production beat expectations and increased from the prior month of -0.7% to 0.5%.

Yesterday the US Dollar gained against the Pound and the Euro currencies during the European session. Economic Data was fairly light from the US MBA Mortgage applications increasing from the prior week from 0.1% to 1.7% and Wholesale Inventories (Mar) missed expectations coming in at 0.4% vs. 0.6%, which was also down from the prior month of 0.9%.

Today from the US we will look out for the Trade Balance figure due at 13:30 GMT, which will also be accompanied by Initial and Continuing Jobless Claims. After the European trading session we will also be looking out for the US monthly Budget statement due at 19:00 GMT.

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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.

Foreign Exchange Market Update 09/05/2012

The Pound gained slightly against the US Dollar and against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2398 at the morning’s open to trade to a new high of 1.2430, before trading back around 1.2413 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6149 to trade in a range between the low of 1.6123 and the high of 1.6164, before trading back around 1.6157 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 2.20405 at the morning’s open to trade up towards 2.0516 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5898 and finished the session higher at 1.5969.

Yesterday we had some negative economic data from the UK, with RICS House Price Balance (Apr) declining from the prior month of -11.0% to -19%. Also showing a decline from 1.5% to 1.3% was BRC Shop Price Index (Apr) which missed the year-on-year expectations of 1.6%.

This morning BRC Sales like-for-like (Apr) declined from 1.3% to -3.3%, which completely missed expectations of 0.6%. There is no further economic data scheduled from the UK today.

The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3025 and traded towards the low of 1.2982, before trading back 1.3015 by the European market close.

Yesterday economic data from the Euro-zone was light and positive, with German Industrial Production (Mar) beat expectations for the year-on-year figure coming in at 1.6% vs. -1.2% up from the prior revised release of 0.0% and the month-on-month figure rose from -0.3% from the prior month to 2.8%.

This morning we have seen the release of German Trade Balance (Mar) which came in positive increasing from €14.9bln to €17.4bln.

There is no further scheduled economic data from the Euro-zone today.

Yesterday the US Dollar declined against the Pound and gained against the Euro currencies during the European session. Economic Data was fairly light from the US with NFIB Business Optimism (Apr) increasing for the month from 92.5 to 94.5 and IBD Economic Optimism (Apr) beat expectations coming in at 48.5 vs. 48, however was still down from the prior release of 49.3.

Today we have another light day in regards to economic data from the US, with MBA Mortgage applications due at 12:00 GMT and Wholesale Inventories (Mar) due at 15:00 GMT.

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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.

Foreign Exchange Market Update 08/05/2012

Last week the Pound declined against US Dollar and but continued to gain against the Euro in the foreign exchange market. The GBP/EUR exchange rate opened up at 1.2300 from Monday to trade up towards 1.2195 during the week before closing back around 1.2333 on Friday. The GBP/USD exchange rate however opened up at 1.6283 on Monday to decline across the course of the week closing on Friday’s trading session around the 1.56145 level. The Pound also continued its gain against the Australian dollar and against the New Zealand Dollar in the foreign exchange market last week. The GBP/NZD exchange rate picked up from 1.9834 to trade higher at 1.20347 by the close of the week. The GBP/AUD exchange rate opened up from 1.5590 and finished the week higher at 1.5841.


The week ahead will see some key economic data released from the UK. The first significant data to look out for will be released on Thursday with the Industrial Production (Mar) due at 09:30 GMT, where economist are expecting a decline from -1.4% to 1.3% for the year-on-year figure. Also we have the Bank of England Asset Purchase Target and Rate Decision due at 12:00 GMT. At the end of the week we have the release of the Producer Price Index due at 09:30 GMT, where economists will be expecting a decline from 2.5% to 1.9% for the Core Output Figure.


This morning there is no economic data scheduled from the UK.


The Euro declined against both the US Dollar and against the Pound throughout last week in the currency exchange market. The EUR/USD exchange opened up from 1.3238 at Monday’s open and traded lower towards 1.3084, before trading at 1.3094 by the close of the European trading session on Friday.


The main market focus for the week ahead in Europe will begin on Wednesday, with the release of the German Trade Balance (Mar) due at 07:00 GMT. Thursday we have the release of the ECB May Monthly Report due at 09:00 GMT and to end the week we have the release of German Consumer Price Index due at 07:00 GMT on Friday.


Later this morning we have the German Industrial Production (Mar) due at 11:00 GMT, where economists are expecting a decline from -1.0% to -1.2%.


The US Dollar gained against the Pound and against the Euro currencies during last week. This week’s key economic data to look out for will begin on Thursday with the Trade Balance due to release at 13:30 GMT and then followed by the US Monthly Budget Statement at 19:00 GMT. End of the week on Friday we have the Producer Price Index due at 13:30 GMT, followed by University of Michigan Confidence due at 14:55 GMT.


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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.

Foreign Exchange Market Update 04/05/2012

The Pound gained slightly against the US Dollar and against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2297 at the morning’s open to trade in a fairly open range between 1.2276 and 1.2340, before trading back around 1.2308 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6179 to trade in a range between the low of 1.6158 and the high of 1.6215, before trading back around 1.6183 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 2.20082 at the morning’s open to trade up towards 2.0218 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5712 and finished the session higher at 1.5768.

Yesterday we had some negative economic data from the UK, with Nationwide House Prices missed expectations where economists were expecting an increase from -1.0% to 0.5% from the prior month, the data came in negative at -0.2%. Also missing expectations was PMI Services (Apr) which declined from the prior month of 55.3 to 53.3.

This morning Halifax Plc House Prices (Apr) posted a decline coming in at -2.4% vs. -0.8% expected by economists and down from the prior month of 2.2%. There is no further economic data scheduled from the UK today.

The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3158 and traded towards the low of 1.3096, before trading back 1.3146 by the European market close.

Yesterday economic data from the Euro-zone was slightly negative with Euro-zone Producer Price Index coming in at 3.3% vs. 3.4% down from the prior month of 3.6% for the year-on-year figure and 0.5% vs. 0.6% for the month-on-month. Also European Central Bank kept interest rates at 1.00%, but indicated that interest rates remain supportive and expect a gradual economic recovery this year.

This morning we have seen the release of Italian, French, German and Euro-zone Services PMI for the month of April, which have all missed expectations. German services PMI was down from 52.6 to 52.2 and Euro-zone services PMI for the month of April also declined from 47.9 to 46.9.

Later this morning we will look out for the Euro-zone Retail Sales due at 10:00 GMT, where economists are expecting an increase from-2.1% to -1.1%.

The US Dollar declined against the Pound But managed to gain against the Euro currencies during the European session yesterday. Economic Data was mixed from the US with the Initial and Continuing Jobless Claims coming in better than expected. Initial Jobless Claims came in at 365k vs. 379k down from 392k and Continuing Claims came in at 3276k vs. 3311k also down from the prior month of 3329k. However ISM Non-Manufacturing Composite (Apr) missed expectations coming in at 53.5 vs. 55.3 and declined from the prior month of the 56.

Today we have some important economic data from the US, with the Change In Non-farm Payrolls (Apr) and US Unemployment Rate (Apr) due at 13:30 GMT. Economists are expecting an increase in Non-Farm Payrolls from 120k to 165k and expect no change in the Unemployment Rate at 8.2%.

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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.

Foreign Exchange Market Update 03/05/2012

The Pound declined against the US Dollar but managed to gain against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2295 at the morning’s open to trade towards a new high of 1.2326, before trading back lower around 1.2309 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6199 to trade in a range between the low of 1.6159 and the high of 1.6228, before trading back around 1.6189 by the European market close. The Pound continued to gain against the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9906 at the morning’s open to trade up towards 1.9989 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5682 and finished the session higher at 1.5708.

Yesterday we had some positive economic data from the UK, with Mortgage Approvals (Mar) beating expectations at 49.9k vs. 48k and up from the prior month of 49k. Also Net Consumer Credit (Mar) showed improvement increasing from the prior month of £0.3bln to £0.4bln. However PMI Construction (Apr) was fairly mixed as we saw a beat on economists expectations of 55.8 vs. 54.0 but the overall figure was down from the prior month of 56.7.

This morning Nationwide House Prices missed expectations where economists were expecting an increase from -1.0% to 0.5% from the prior month, the data came in negative at -0.2%. Also missing expectations this morning PMI Services (Apr) declined from the prior month of 55.3 to 53.3.

There is no further economic data scheduled from the UK today.

The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3174 and traded towards the low of 1.3122, before trading back 1.3153 by the European market close.

Yesterday economic data from the Euro-zone was negative as German Unemployment Change unexpectedly increased for the month of April coming in at 19k vs. -10k expected by economists. German PMI Manufacturing (Apr) declined slightly from the prior month from 46.3 to 46.2.

This morning we will look out for the Euro-zone Producer Price Index due at 10:00 GMT, which is expected to decrease from 3.6% to 3.4% for the year-on-year figure and economists are expecting no change for the month-on-month figure at 0.6%. Also we have the European Central Bank Rate Decision due at 12:45 GMT where economists are expecting no change.

The US Dollar gained against the Pound and against the Euro currencies during the European session yesterday. Economic Data was mixed from the US with the ADP Employment Change (Apr) missing expectations coming in at 119k vs. 170k and down from the prior month of 201k. US Factory Orders however showed a slight improvement coming in at -1.5% vs. -1.6% expected by economists.

Today on the economic data front from the US we have the Initial and Continuing Jobless Claims due at 13:30 GMT, also followed by ISM Non-Manufacturing Composite due at 15:00 GMT.

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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.

Foreign Exchange Market Update 01/05/2012

The Pound declined  against the US Dollar and against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2300 at the morning’s open to trade towards a new high of 1.2310, before trading back lower around 1.2265 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6283 to trade in a downtrend after hitting a new high of 1.6300 towards the low of 1.6221, before trading back around 1.6225 by the European market close. The Pound also declined slightly against the Australian Dollar but managed to gain against the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9835 at the morning’s open to trade up towards 1.9841 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5589 and finished the session lower at 1.5583.

Yesterday we had no scheduled economic data from the UK yesterday and this morning we have seen a decline in UK Manufacturing PMI (Apr), coming in at 50.5 vs. 51.5 expected by economists for the month-on-month figure.

There is no further economic data scheduled from the UK today.

The Euro declined against the US dollar and gained against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3238 and traded towards the low of 1.3207, before trading back 1.3227 by the European market close.

Yesterday economic data from the Euro-zone was fairly mixed with the German Retail Sales (Mar) came in at 0.5% vs. 2.3% for the year-on-year figure and 1.0% vs. 0.8% for the month-on-month. Spanish GDP came in pretty much flat against the prior release of -0.3% but still lower from the expected -0.4%.

We have no economic data scheduled from the Euro-zone today.

The US Dollar gained against the Pound and against the Euro currencies during the European session yesterday. Economic Data was mixed from the US with the Personal Consumption Expenditure Core came in line with expectations at 2.0% and up from the prior release of 1.9% and Personal Income (Mar) increased slightly at 0.4% vs. 0.3% from the prior month.

Today’s key economic data from the US will be the 15:00 GMT ISM Manufacturing (Apr), where economists are expecting a decline from 53.4 to 53.

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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.

Foreign Exchange Market Update 25/04/2012

The Pound declined for the first time against the US Dollar and against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2254 at the morning’s open to trade towards a new high of 1.2277, before trading back lower around 1.2215 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6141 and was fairly range bound between 1.6164 and 1.6125, before trading back around 1.6132 by the European market close. The Pound however declined slightly against the Australian Dollar, but managed to gain against the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9830 at the morning’s open to trade up towards 1.9868 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5685 and finished the session lower at 1.5665.

Yesterday we had the release of the Public Finances (Mar) and Public Sector Net Borrowing (Mar) come in higher than expected. With the Public Finances (Mar) coming in at £16.5bln vs. £13.0bln which was up from the prior month’s revised figure of -£8.2bln and Public Sector Net Borrowing (Mar) came in higher than expected at £15.9bln vs. £14.2bln and up from the prior month of £9.9bln.

This morning we have some important data from the UK with the Gross Domestic Product due at 09:30 GMT, economists are expecting an increase for the quarter-on-quarter figure from -0.3% to 0.1% and a decline for the year-on-year figure from 0.5% to 0.3%. Also from the UK we have the CBI Business Optimism, Trends Selling Prices and Trends Total Orders for the month of April due at 11:00 GMT.

The Euro gained against the US dollar and against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3170 and traded towards the high of 1.3218, before trading back 1.3206 by the European market close.

Yesterday economic data from the Euro-zone was fairly light with the French Consumer Confidence Indicator (Apr) coming in at 88 up from the prior moth of 87 and Italian Wages month-on-month was left unchanged at 0.0%, however the year-on-year figure declined from 1.4% to 1.2%.

We have no economic data scheduled from the Euro-zone today.

The US Dollar gained against the Pound, but declined against the Euro currencies during the European session. Yesterday’s economic data from the US was fairly negative with New Home Sales (Mar) month-on-month missing expectations at -7.1% vs. 1.9% and down from the prior months revised figure of 7.3%. Also Consumer Confidence (Apr) came in slightly lower than expected at 69.2 vs. 69.6 and down from the prior month of 69.5.

Today’s key economic data from the US will be the Durable Goods Orders (Mar) which is due at 13:30 GMT and the FOMC Rate Decision (Apr 20) due at 17:30 GMT. Economists are expecting a decline in Durable Goods Orders from 2.2% to -1.5% and US rates to be left unchanged at 0.25%. We will also be keeping an eye on the 12:00 GMT MBA mortgage Applications (Apr 20) and the FED Bernanke Press Conference which is held after European trading hours at 19:15 GMT.

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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.

Foreign Exchange Market Update 24/04/2012

The Pound gained against the US Dollar and gained against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2234 at the morning’s open to trade in an uptrend towards the day high of 1.2270, before trading back around 1.2262 by the close of theUK business day. The GBP/USD exchange rate picked up from 1.6083 to trade in a Range between 1.6074 and 1.6115, before trading up around 1.6099 by the European market close. The Pound also maintained its strength against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9787 at the morning’s open to trade up towards 1.9840 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5589 and finished the session higher at 1.5633.

Yesterday we had no economic data scheduled from the UK. However today we have the release of Public Finances (Mar) and Public Sector Net Borrowing (Mar) due at 09:30 GMT. Economists are expecting an increase in both figures, with Public Finances expected to increase from -£7.8bln to £13.0bln and Public Sector Net Borrowing expected to increase from £12.9bln to £14.2bln.

The Euro declined against the US dollar and against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3145 and traded towards the low of 1.3104, before trading back 1.3128 by the European market close.

Yesterday economic data from the Euro-zone was fairly negative with the French Business Confidence Indicator (Apr) missing expectation, coming in at 95 vs. 96 and down from the prior month of 98. Both French Purchasing Manager Index for Manufacturing and Services missed expectations, with the Manufacturing coming in at 47.3 vs. 47.4 and Services 46.4 vs. 50.1. German Purchasing Manager Index was mixed with the Manufacturing missing expectations coming in at 46.3 vs. 49 and Services gained slightly coming in at 52.6 vs. 52.3 and up from the prior month of 52.1. Also Italian Consumer Confidence declined coming in at 89.0 down from the prior month of 96.3 and finally the Euro-zone PMI declined to 47.4 vs. 49.1 from the prior month.

This morning from the Euro-zone we have seen an increase in French Consumer Confidence Indicator (Apr) coming in at 88 up from the prior moth of 87. Also Italian Wages month-on-month was left unchanged at 0.0%, however the year-on-year figure declined from 1.4% to 1.2%.

Later this morning we will look out for the Euro-zone Release of Industrial Orders due at 10:00 GMT.

The US Dollar declined against the Pound, but managed to gain against the Euro currencies yesterday. There was no scheduled economic data from the US Yesterday, however today we will look out for the Consumer Confidence due at 15:00 GMT where economists are expecting a decline from 70.2 to 69.5. Also due at 15:00 GMT today we have the release of New Home Sales (Mar) which is expected to increase from 313k from the prior month to 320k and Richmond Fed Manufacturing Index (Apr) which is expected to decline from 7 to 6.

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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.