Monthly Archives: July 2009

Sterling Recovers

Sterling and euro exchange rates have trimmed losses against the US dollar this morning as rising retail sales in the UK and profits at Credit Suisse supported the currencies. US equity markets remain relatively quiet as investors digest news from…

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Fed Cautious

Federal Reserve chairman Ben Bernanke addressed Congress yesterday to give a cautious assessment of the US economy. Bernanke noted that while there are tentative signs of recovery in the US, there is not enough slack in the financial system for the Fed to proceed with tightening monetary policy. This knocked risk appetite in the market, snapping recent equity market gains and drove investors to favour the safe haven currencies.
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US Earnings Figures Strong

Strong corporate earnings figures in the US and positive Chinese economic data supported risk and equity markets yesterday, sending currency exchange rates across Europe and Asia higher. The figures boosted market sentiment across the board and led to a US dollar selling session with exchange rates improving for the Pound, Australian and New Zealand dollars. Continue reading

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Unemployment Rises

The UK unemployment rate has posted its largest quarterly increase, climbing to 7.6% in the three months to May. Consumer prices have fallen in the eurozone for the first time and international foreign exchange rates are likely to be subject to movements in US markets today, with consumer inflation, industrial production and the FOMC minutes due. Continue reading

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Inflation Falls

The annual rate of inflation in the UK has fallen below the Bank of England’s 2% target for the first time in 21 months. Today’s calendar is packed with economic data that could cause a reshuffling of currency exchange rates that will potentially benefit some of the higher yielding currencies. Markets will focus on US retail sales figures and the producer price index out this afternoon. Continue reading

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Interest Rates on hold

The Bank of England has voted to leave interest rates on hold and decided against expanding its quantitative easing programme, despite the downbeat outlook for the UK economy. Currency rates for the euro are stronger on the back of positive German economic data while the US dollar and yen have slipped following a small rise in risk appetite in the market.
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Eurozone contracts

GDP for the first quarter has contracted -2.5% in the eurozone, a figure in line with market expectations and one that takes the annual rate of decline to -4.9%. Exchange rates for many of the high yielding currencies are lower this morning, particularly the pound which is under pressure in anticipation of trade balance figures and the MPC interest rate decision due tomorrow.
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