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Monthly Archives: December 2008
US GDP Contracts 0.5%
The US economy contracted 0.5% in the third quarter sending global equity markets lower yesterday. The US accounts for 25% of global GDP and economic contraction in the US has significant implications for global market confidence. Otherwise, market movement is limited due to the holiday period. Continue reading
UK GDP contracts 0.6%
GDP figures this morning show a 0.6% contraction in the UK economy for the third quarter and new mortgage approval figures have declined to 17.773k for November. US equity markets have weakened after the S&P index labelled General Motors with a ‘high likelihood’ of bankruptcy.
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Japan cuts rates to 0.1%
The Japanese Central Bank slashed interest rates to 0.1% yesterday and the Pound slid further towards parity, hitting 1.0464 against the Euro as official figures revealed the extent of government budget deficits in the UK. Continue reading
Pound nears Parity
Sterling continued its decline against the Euro yesterday after the MPC minutes revealed a 9-0 vote in favour of a 1% base rate reduction. Labour market data in the UK revealed a 0.2% rise in the official unemployment rate, taking it to 6% for October and the Pound continued to plunge towards parity with the Euro. Continue reading
Fed Slashes Rates to 0.25%
The Federal Reserve slashed interest rates to an unprecedented 0.25% yesterday, making the current base rate the lowest in US history. The decisive reduction was announced amid further ‘quantitative easing’ measures to stimulate the economy and ward off deepening recession. The US Dollar depreciated following the news and global equities climbed. Continue reading
Markets await FOMC decision
The Euro has been the major benefactor overnight as markets await a series of important data from the US and UK this week. The Dollar is broadly weaker in the run up to the Federal Reserve interest rate decision and Sterling remains low against the single currency as markets contend with more economic gloom in the UK.
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Posted in Currency News, Euros, Other Currencies, UK Pound Sterling, US Dollars
Tagged bank of england, banks, currency trading, Euros, Eurozone, John Varley, UK Pound Sterling, US Dollars
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Pound hits Record Low
The Pound sunk to a record low against the Euro yesterday of 1.1385, the lowest since the Euro began, after the NISER announced an economic contraction of 1% in the 3 months to November. The OECD has reported the global recession could be longer and deeper than originally thought with the UK being one of the worst economies hit. Continue reading
Production Statistics hurt Sterling
Sterling remains weak this morning after production statistics show the UK economy is contracting at the fastest rate since 1990. The Euro has strengthened overnight against the Pound and US Dollar and European Commission President Jose Manuel Barroso has called for an EU-US agreement to battle recession. Continue reading
Pound Continues to Slide
Sterling has sunk again against the Euro and US Dollar ahead of UK trade figures released this morning. Negative underlying trends and production figures are capping the value of Sterling at present and it remains hovering just above all time lows versus the Euro. Continue reading
Euro, Sterling Recover
The Pound and Euro have recovered from very low levels last Thursday following interest rate decisions from their respective central banks. Rising unemployment on ‘non-farm Friday’ in the US sent the Dollar lower but markets have gained ground this morning, buoyed by Obama’s announcement of increased government spending to stave off recession in the US. Continue reading
Posted in Currency News, Euros, Other Currencies, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, banks, BOE, currency exchange, currency solutions, currency trading, ECB, European Central Bank, Euros, Eurozone, Interest rates, the pound, Trichet, uk banks, uk economy, UK Pound Sterling, US Dollars, World economy
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