Daily Foreign Exchange Market Update

Tue, February 07, 2012

The Pound closed out last week having made some gains against the US Dollar, but declined fractionally against the Euro in the foreign exchange market. The GBP/EUR exchange rate picked up from 1.2060 at the morning’s open to trade down at 1.2054 by the close of the UK business day, and the GBP/USD exchange rate gaining from 1.5757 at the day’s open to trade up at 1.5828 at the European market close. There was no significant data from the UK yesterday and are not expecting anything today.

The Euro gained against the pound and the US Dollar in the currency exchange market yesterday. The EUR/USD exchange rate gained from the mornings open at 1.3063 to trade higher at 1.3128 by the European market close. Yesterday we saw the Euro-zone Sentix Investor Confidence come in better than expected at, -11.1 compared to -16.5 for the month of February. Also German factory orders also boosted early trading hours with both M/M and Y/Y data coming in better than expected at 1.7% vs. 1.0% and 0.0% vs. -0.4% respectively.

This morning we are expecting German Industrial Production M/M and Y/Y figures due at 11:00 GMT, both expected to come in better than expectations.

The US Dollar declined against the Pound and the Euro in the currency market yesterday, along with no significant economic data. Today we will be very light again with US JOLTs Job Openings data for the month of December due at 15.00 GMT and US Consumer Credit for the month of December due at 20:00 GMT.

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

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