Mon, February 06, 2012
The Pound closed out last week having made some gains against the US Dollar and the Euro in the foreign exchange market. The GBP/EUR exchange rate moved up from Monday’s open at 1.1916, to close the week out up at 1.2036. The pair traded in a range of 1.2082 weeks high to 1.1929 being the low across the week. The GBP/USD exchange rate gained across the course of the week, from Monday’s open at 1.5667, to finish the week at 1.5776.
The week ahead will see a fair amount of data released from the UK. The first significant data to look out for will be released Thursday at 09:30 GMT, with UK Industrial production figures expected to increase from -0.6% to 0.3% across the year from the month of December. Later on the day we will se the release of Bank of England Asset Purchase Target and the BOE Interest rate decision both due at 12:00 GMT. Finally Friday we will look out for the Producer Price Index figures due at 09:30 GMT.
The Euro declined across the board throughout last week in the currency exchange market. The EUR/USD rate picked up from 1.3146 at Monday’s open, to trade down at 1.3106 by the close of the European trading session on Friday. The main market focus for the week ahead in Europe will be today’s 09:30 GMT German Factory Orders expected at 1.0% up from -4.8% from the previous month of December. Tuesday will see the German Industrial Production, which is expected to increase from 3.6% to 4.3% across the year. Thursday we keep a close eye to the European Central Bank Rate Decision due at 12:45 GMT and expected to be unchanged at 1.0%. Finally Friday will see the German Consumer Price Index due at 07:00 GMT expected to be unchanged at 2.3%.
The US Dollar continued to slide and lose ground against the Pound and but managed to gain slightly against Euro. This week’s key event to look out for will be on Friday with the release of the 15:00 GMT University of Michigan Confidence figures, which is expected to decline from 75.0 to 74.0 by economists. Prior to this announcement we will see US Trade Balance figures for the month of December due at 13:30 GMT.
This Daily Market Update is brought to you by The Market Team @ KBRFX – Exchange Rate, Currency Conversion & Foreign Currency Transfer specialists.
| Day | Time | Currency | Event |
|---|---|---|---|
| MON | 09:30 | EUR | EUR Euro-Zone Sentix Investor Confidence | MON | 11:00 | EUR | EUR German Factory Orders n.s.a. (YoY) | MON | 11:00 | EUR | EUR German Factory Orders s.a. (MoM) | MON | 13:55 | USD | USD Fed's Bullard Speaks on Inflation Targeting in Chicago | MON | 17:15 | USD | USD Fed's Fisher Speaks on Economy in Washington |
| GBP/USD | 1.5747 |
|---|---|
| GBP/EUR | 1.2073 |
| EUR/USD | 1.3044 |
| GBP/JPY | 120.78 |
| GBP/CHF | 1.4579 |
| GBP/AUD | 1.473 |
| GBP/CAD | 1.5708 |
| GBP/NZD | 1.8973 |
| GBP/SGD | 1.9665 |
| GBP/HKD | 12.2152 |
| GBP/CZK | 30.23 |
| GBP/PLN | 5.0452 |
| GBP/SEK | 10.6287 |
| GBP/DKK | 8.9798 |
| GBP/NOK | 9.184 |
| GBP/THB | 48.715 |
| GBP/ZAR | 11.9631 |
*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team
| S | M | T | W | T | F | S |
| 29 | 30 | 31 | 1 | 2 | 3 | 4 |
| 5 | 6 | 7 | 8 | 9 | 10 | 11 |
| 12 | 13 | 14 | 15 | 16 | 17 | 18 |
| 19 | 20 | 21 | 22 | 23 | 24 | 25 |
| 26 | 27 | 28 | 29 | 1 | 2 | 3 |
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