Tag Archives: Buy Currency

U.K GDP Contracts 0.7 in Second Quarter

Posted on August 28, 2009 by admin

Revised second quarter GDP figures show the UK economy contracted -0.7% in the second quarter, slightly less than the -0.8% previously recorded. Economic and industrial confidence for the eurozone has come in positive this morning, while US personal consumption figures are likely to cause some currency volatility later in the day.
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Sterling Remains Weak

Posted on August 25, 2009 by admin

Foreign exchange rates for the pound remain bearish, sinking to an 11-day low against the single currency yesterday following strong industrial orders in the eurozone. US markets are optimistic this morning amid speculation that Ben Bernanke will be reappointed for a second term, while Israel’s central bank has voted to increase interest rates by 0.25%. Continue reading →

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Back split on QE

Posted on August 20, 2009 by admin

Sterling currency rates remain neutral this morning after the UK posted a record budget deficit in July, the lowest since 1993. UK retail sales also reported a modest rise, climbing 0.4% on the month. Today is light for economic data in the UK and eurozone, with the US leading index set to affect international currency rates.
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Fed Cautious

Posted on July 22, 2009 by admin

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

Posted on July 16, 2009 by admin

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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Interest Rates on hold

Posted on July 10, 2009 by admin

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

Posted on July 8, 2009 by admin

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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Interest Rates on Hold

Posted on June 5, 2009 by admin

Both the ECB and the Bank of England opted to leave interest rates unchanged yesterday, at 1% and 0.5% respectively. The Bank of England also opted to leave QE levels unchanged. Today foreign exchange markets will be interested in US employment data and this could influence the underlying dollar trend in the coming week.
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Sterling hits year highs against Dollar

Posted on June 1, 2009 by admin

Both sterling and euro currency rates are at their highest level this year against the US dollar as market sentiment continues to improve following news the pace of recession is moderating. This is despite news that General Motors, once the world’s largest auto manufacturer, is to declare bankruptcy later in the day. This week brings interest rate decisions from the Bank of England, European Central Bank and Australian Reserve Bank.
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GM fails to find buyer

Posted on May 28, 2009 by admin

The failure of General Motors to secure a buyer last night for its European operations has led to mounting concern over job security for auto workers in both Germany and the UK. After reaching a seven-month high against the US dollar yesterday, sterling has trimmed these gains but remains trading at firm levels against both the dollar and single currency. Continue reading →

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