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Daily Foreign Exchange Market Update 30/11/2011

Wed, November 30, 2011

The Pound closed out yesterday higher against both the Euro and the US Dollar in the foreign exchange market. The GBP/EUR exchange rate moved up from the morning’s open at 1.1667 to trade up at 1.1706 by the close of the UK trading day, with the GBP/USD exchange rate also advancing from 1.5542 at the morning’s open to trade up at 1.5625 at the day’s close. Yesterday saw the release of Nationwide house price numbers which showed an annual growth from 0.8% to 1.6%, but no change in the monthly level at 0.4%, and also Net consumer credit figures, which showed a sharp drop from £0.6 billion to £0.0 billion, way below market forecasts, which is not positive for the UK.

This morning has already seen the release of November’s GfK consumer confidence figure, which showed a surprise positive increase, from -32 to -31 for the month, so despite the worries around Europe, it is a sign that positive sentiment is showing a slight increase at street level, which could in turn benefit consumer spending and retail sales.

The Euro lost ground against the Pound, but showed a marginal increase against the US Dollar in the currency exchange market. The EUR/USD exchange rate moved up marginally from 1.3321 at the morning’s open to trade at 1.3346 by the close of the European market session. The currency wasn’t helped by the release of Euro-zone business climate indicator numbers which showed a drop from -0.19 to -0.44, and stagnant consumer confidence figures for November, which showed no change at a level of 20.4.

Today we have already seen German unemployment figures cross the wires. The unemployment change showed a reduction of 20,000 unemployed as opposed to market forecasts for a drop of only 5,000. These figures had a positive effect, bringing the overall unemployment rate down from 7.0% to 6.9%.

The US Dollar lost ground against the Euro and the Pound yesterday, despite a huge increase in US consumer confidence figures for November. The index showed a sharp jump from a reading of 40.9 to 56.0 month-on-month, which is surprising considering the central bank are worried about the possible ill-effects of the current turbulence in Europe.

The US economic docket today will focus on the labour market, with the release of the latest ADP employment change figures; with the market expectation to see an increase in jobs added. These may well be passed over by the market though, as traders will look to Friday’s non-farm payroll, and unemployment rate numbers.

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

Data Releases

Day Time Currency Event
WED 08:55 EUR EUR German Unemployment Change
WED 08:55 EUR EUR German Unemployment Rate s.a.
WED 09:00 EUR EUR Italian Unemployment Rate s.a.
WED 09:30 GBP GBP Bank of England Housing Equity Withdrawal (Pounds)
WED 10:00 EUR EUR Euro-Zone Consumer Price Index Estimate (YoY)
WED 10:00 EUR EUR Euro-Zone Unemployment Rate
WED 10:00 EUR EUR Italian Consumer Price Index (NIC incl. tobacco) (MoM)
WED 10:00 EUR EUR Italian Consumer Price Index (NIC incl. tobacco) (YoY)
WED 10:00 EUR EUR Italian Consumer Price Index - EU Harmonized (MoM)
WED 10:00 EUR EUR Italian Consumer Price Index - EU Harmonized (YoY)
WED 10:30 CHF CHF KOF Swiss Leading Indicator
WED 11:00 EUR EUR Italian Producer Price Index (MoM)
WED 11:00 EUR EUR Italian Producer Price Index (YoY)
WED 12:00 USD USD MBA Mortgage Applications
WED 12:30 USD USD Challenger Job Cuts (YoY)
WED 13:15 USD USD ADP Employment Change
WED 13:30 USD USD Non-Farm Productivity
WED 13:30 USD USD Unit Labor Costs
WED 14:45 USD USD Chicago Purchasing Manager
WED 15:00 USD USD Pending Home Sales (MoM)
WED 15:00 USD USD Pending Home Sales (YoY)
WED 15:00 USD USD NAPM-Milwaukee
WED 15:30 USD USD DOE U.S. Crude Oil Inventories
WED 15:30 USD USD DOE Cushing OK Crude Inventory
WED 15:30 USD USD DOE U.S. Distillate Inventory
WED 15:30 USD USD DOE U.S. Gasoline Inventories
WED 19:00 USD USD Fed Releases Beige Book Economic Survey

Foreign Exchange Rates

GBP/USD 1.5559
GBP/EUR 1.1710
EUR/USD 1.3285
GBP/JPY 121.53
GBP/CHF 1.4370
GBP/AUD 1.5584
GBP/CAD 1.6047
GBP/NZD 2.0460
GBP/SGD 2.0157
GBP/HKD 12.1155
GBP/CZK 29.8030
GBP/PLN 5.3216
GBP/SEK 10.7513
GBP/DKK 8.7020
GBP/NOK 9.1003
GBP/THB 48.44
GBP/ZAR 13.0709

*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team

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