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.

Foreign Exchange Daily Market Update 23/04/12

Last week the Pound made new highs for the year against US Dollar and the Euro in the foreign exchange market. The GBP/EUR exchange rate opened up at 1.2159 from Monday to trade up towards 1.2251 during the week before closing at 1.2201 on Friday. The GBP/USD exchange rate opened up at 1.5826 on Monday to gain across the course of the week and made new highs at 1.6142, before finishing the week around the 1.56121 level. The Pound also gained 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 1.9265 to trade higher at 1.9742 by the close of the week. The GBP/AUD exchange rate opened up from 1.5308 and finished the week higher at 1.5536.

The week ahead will see some key economic data released from the UK. The first significant data to look out for will be released Tuesday with the Nationwide Consumer Confidence, Public Finances and Public Sector Net Borrowing. Followed by the Gross Domestic Product data due at 09:30 GMT on Wednesday, where economists are expecting a decline from 0.5% to 0.3% for the year-on-year figure and an increase from -0.3% to 0.1% for the Month-on-month. By the end of the week we have the Nationwide House Prices and GfK Consumer Confidence Survey due on Friday.

We have no scheduled economic data from the UK today.

The Euro gained against the US Dollar and declined against the Pound throughout last week in the currency exchange market. The EUR/USD rate picked up from 1.3016 at Monday’s open, to trade up to a week high of 1.3225 before trading back to 1.3211 by the close of the European trading session on Friday.

The main market focus for the week ahead in Europe will begin on Thursday, with the release of Euro-zone Consumer Confidence (Apr) and Business Climate Indicator (APR) all due at 10:00 GMT, followed by German Consumer Price Index (Apr) due at 13:00 GMT.  To end the week we have the German GfK Consumer Confidence Survey due on Friday at 07:00 GMT, where economists are expecting no change at 5.9.

This morning the French Business Confidence Indicator (Apr) missed 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 coming in at 52.6 vs. 52.3 and up from the prior month of 52.1. Italian Consumer Confidence also 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, putting further strain on the Euro this morning.

In a moment we have the Euro-zone Government Debt-GDP Ratio (2011) due at 10:00 GMT.

The US Dollar declined across the board especially against the Euro and the Pound in the currency markets last week. This week’s key events to look out for will be Tuesday’s Consumer Confidence (Apr) and New Home Sales (mar) both due at 15:00 GMT. During the week on Wednesday we will be looking out for the Durable Goods Orders (Mar) due at 13:30 GMT and on Thursday we have the Chicago Fed Nat Activity Index (Mar) alongside the Initial and Continuing Jobless claims all due at 13:00 GMT. Finally to end the week we will look out for the Gross Domestic Product due 13:30 GMT on Friday where economists are expecting a decline for the annualized figure from 3.0% to 2.5%.

There is no schedule economic data release from the US today.

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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 Daily Market Update 20/04/12

The Pound gained by a fraction against the US Dollar and gained against the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2216 at the morning’s open to trade in an tight range between 1.2251 and 1.2201, before trading back around 1.2225 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.6056 to also trade in an Range between 1.6072 and 1.6007, before trading back towards 1.6057 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 1.9622 at the morning’s open to trade up towards 1.9697 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5469 and finished the session higher at 1.5534.

Yesterday we had no economic data scheduled from the UK. However today we have Retail Sales (Mar) due at 09:30GMT where economists are expecting an increase from 1.0% to 1.3% for the year-on-year figure and -0.8% to 0.4% for the month-on-month.

The Euro declined slightly against the US dollar and against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3141 and traded in a range between 1.3070 and 1.3165, before trading back towards 1.3132 by the European market close.

Yesterday economic data from the Euro-zone was fairly light with the Italian Industrial Orders NSA (Feb) declining from -5.6% to -13.2% for the year-on-year figure and missing expectations for the month-on-month figure at -2.5% versus -1.1%. Euro-zone Consumer Confidence (Apr) also missed economists expectations at -19.8 vs. -19 and down from the prior month of -19.1.

This morning from the Euro-zone we have seen an increase in German Producer Prices (Mar) from 3.2% to 3.3% and beating economists expectations of 3.1% for the year-on-year figure. German IFO Business Climate (Apr) also beat economists expectations at 109.9 vs. 109.5 expected by economists.

The US Dollar declined fractionally against the Pound and gained against the Euro currencies yesterday. US economic data was fairly negative yesterday with Initial and Continuing Jobless Claims missing expectations. Initial Claims came in at 386k higher than the 370k expected by economists but lower than the revised figure of 388k and Continuing Claims missed expectations at 3297k vs. 3300k. Also Existing Home Sales missed analysts expectations at 4.48mln vs. 4.62mln along with Philadelphia Fed (Apr) declining from 12.5 to 8.5. However Leading Indicators (Mar) beat expectations at 0.3% vs. 0.2% but was still lower from the prior month of 0.7%.

There is no scheduled economic data from the US today, however we have the IMF meeting in Washington today which is due around 14:00 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 Daily Market Update 19/04/12

The Pound gained and made new highs for the year against both the US Dollar and the Euro yesterday in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2138 at the morning’s open to trade in a uptrend towards a new high of 1.2232, before trading back around 1.2208 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5919 to also trade in an uptrend creating a new high of 1.6043, before trading back towards 1.6019 by the European market close. The Pound also gained against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9370 at the morning’s open to trade up towards 1.9593 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5311 and finished the session lower at 1.5448.

Yesterday we had some important economic data from the UK which caused the pound to spike and continue the trading session to make new high’s for the year. We had Jobless Claims Change for the month of March come in much lower than analysts expected at 3.6k versus 6.0k and the overall figure was down from the prior month of 4.5k. Also the ILO Unemployment Rate (3m) (Feb) declined from 8.4% to 8.3% showing a slight improvement in the Jobs market.

This morning there is no scheduled data from the UK.

The Euro gained slightly against the US dollar but declined against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3115 and traded in a range between 1.3057 and 1.3123, before trading back towards 1.3123 by the European market close.

Yesterday economic data from the Euo-zone was fairly light with the Euro-zone Current Account n.s.a. (Feb) coming in at -€5.9bln vs. (Prev. -€12.3bln, Rev. -€10.1bln) and the Euro-zone Construction Output s.a. (Feb) came in lower at -7.1% compared to the previous month at -0.5% and -12.9% versus -2.7% for the year–on-year figure.

This Morning Italian Industrial Orders NSA (Feb) declined from -5.6% to -13.2% for the year-on-year figure and missed expectations for the month-on-month figure at -2.5% versus -1.1%. In a moment we will be looking out for the Spanish 2year and 10 year Bond Auction due at 09:30 GMT. Followed by Euro-zone Consumer Confidence (Apr) due at 15:00 GMT where economists are expecting a slight improvement from -19.1 to 19.

The US Dollar declined across the board against the Pound and against the Euro currencies yesterday. We had a very light day for economic data from the US with the MBA Mortgage Applications (APR 13) increasing from -2.4% to 6.9%.

Today we have some significant economic data from the US, firstly with the Initial and Continuing Jobless Claims due at 13:30 GMT, followed by US existing Home Sales (Mar), Leading Indicators (Mar), Philadelphia Fed (Apr) all 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 Daily Market Update 18/04/12

The Pound gained slightly against the US Dollar yesterday and gained against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2113 at the morning’s open to trade in a tight range between the high of the day at 1.2149 and the low of 1.2111, before trading back around 1.2138 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5920 to trade up to the day’s high of 1.5970 before trading back towards 1.5928 by the European market close. The Pound declined against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9472 at the morning’s open to trade down towards 1.9365 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5400 and finished the session lower at 1.5308.

Yesterday we had fairly significant data from the UK with the Consumer Price Index year-on-year (Mar) coming in higher that expected at 3.5% vs. 3.4%, this pushed the GBP/USD higher during the early trading session. Retail Price Index came in line with expectations at 3.6 and down from 3.7% for the year-on-year figure.

We have very important economic data from the UK this morning with the Bank of England Minutes and Jobless Claims Change and due at 09:30 GMT, where economists are expecting a decline from 7.2k to 6.0k for the jobless claims change.

The Euro declined against both the US dollar and the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3143 and traded in a small range between 1.3172 and 1.3104, before trading back towards 1.3122 by the European market close.

Yesterday we had EU Car Registrations for the month of month increase from the prior month of -9.7% to -7.0%. Followed by Euro-zone Consumer Price Index (Mar) year-on-year coming in slightly higher that expected at 2.7% vs. 2.6%, however the figure was unchanged from the previous release of 2.7%. Euro-zone ZEW Survey (Economic Sentiment) (Apr) increased from 11 to 13.1.

This morning economic data is fairly light, we have just had the Euro-zone Current Account n.s.a. (Feb) coming in at -€5.9bln vs. (Prev. -€12.3bln, Rev. -€10.1bln) and later we have the release of Euro-zone Construction Output (Feb) due at 10:00 GMT.

The US Dollar declined against the Pound and gained against the Euro currencies yesterday. We had fairly mixed economic data from the US yesterday with the Building Permits increasing from the previous 715k to 747K, which beat analyst’s expectations of 710k. Housing Starts (Mar) however declined from 694k to 654k and missed expectations of 705k, and Industrial Production (Mar) was unchanged from the prior month of 0.0% and missed expectations of 0.3%.

Today economic data from the US is very light with the MBA Mortgage Applications (Apr 13) due at 12:00 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 Daily Market Update 17/04/12

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 1.2139 at the morning’s open to trade to the low of the day of 1.2120, before trading back around 1.2139 by the close of the UK business day. The GBP/USD exchange rate picked up from 1.5826 to trade up to the day’s high of 1.5871 before trading back towards 1.5863 by the European market close. The Pound also gained against both the Australian Dollar and the New Zealand Dollar in the foreign exchange market yesterday. The GBP/NZD exchange rate picked up from 1.9294 at the morning’s open to trade up towards 1.9369 by the close of the UK business day. The GBP/AUD exchange rate opened up from 1.5308 and finished the session higher at 1.5340.

On the economic data front we had nothing schedule from the UK yesterday; however this morning at 09:30 GMT we will look out for the UK Consumer Price Index (Mar), where economists are expecting a slight decline from 2.4% to 2.3% for the year-on-year core figure. We will also be looking out for the Retail Price Index (Mar) figures which are due at 09:30 GMT.

The Euro gained against the US dollar but declined against the Pound in the currency exchange market yesterday. The EUR/USD exchange opened up at 1.3016 and traded in a small uptrend by the afternoon towards the high of 1.3087, before trading back towards 1.3087 by the European market close.

Yesterday we had fairly light economic data from the Euro-zone Trade balance missing expectations at €2.8bln vs. €3.0bln; however the trade balance was up from the prior release of -€7.9bln. Also Italian Trade Balance came in better than expected at -€1113mln vs. -€1337mln and up from the prior release of -€4346mln.

This Morning we have seen EU Car Registrations for the month of month increase from the prior month of -9.7% to -7.0%. Later this morning we have the release of the Spanish 12 & 18 month bond auctions due at 09:30 GMT followed by Euro-zone Consumer Price Index (Mar) at 10:00 GMT, where economists are expecting a slight decline from 2.7% to 2.6%. Also to follow will be the German ZEW Economic Survey which is expected to decline by economists to 19.0 from 22.3 for the month of April.

The US Dollar declined against the Pound and against the Euro currencies yesterday. On the Economic data front the US posted fairly mixed data yesterday, with the Advance Retail Sales (Mar) coming in better than expected at 0.8% vs. 0.3% but was still lower from the previous revised figure of 1.0%. Also Empire Manufacturing posted a decline for the month of April from 18 to 6.58 and Business Inventories (Feb) came in line with expectations at 0.6% and lower from the prior month of 0.8%.

Today from the US we will be looking out for Building Permits (Mar) and Housing Starts which are both due at 13:30 GMT, followed by Industrial Production (Mar) due at 14:15 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.