Wed, February 08, 2012
The Pound finished higher against the US Dollar and slightly lower against the Euro in the foreign exchange market yesterday. The GBP/EUR exchange rate picked up from 1.2036 at the morning’s open to trade down at 1.1994 by the close of the UK business day, with the GBP/USD exchange rate gaining from 1.5811 at the day’s open to trade up to the high of the day at 1.5903 before closing at 1.5888 at the European market close. There was no significant economic data for the UK yesterday or today.
The Euro gained against the pound and the US Dollar again in the currency exchange market yesterday. The EUR/USD exchange rate gained from the mornings open at 1.3135 to trade at a 2 month high of 1.270 before closing at 1.3244 by the European market close. Yesterday French Trade Balance for the month of December came in at -4993M vs -5350M expected by economists and German industrial Production across the year declined significantly, with the figures coming in at 0.9% compared with 4.4% previously from the month of December. Figures for the month on month basis for the German Industrial Production fell to -2.9% compared to 0.0% from the prior month. Although most of the Euro gains were due to reports that Greek leaders are working on a final bailout document and Citi announced the risk on Greece to leave the euro had risen to 50% from 25-30% chance over the next 18 months.
This morning we have seen the German Trade Balance data decline from €15.9bln to €12.9bln for the month of December and the German Current Account increased from €14.7bln to €19.3bln. There is no other economic data release from the Euro-zone today, but we will continue to see developments in regards to Greece debt.
The US Dollar declined slightly against the Pound and Euro currencies yesterday. Economic data from the US was fairly negative yesterday after hours with US Consumer Credit for the month of December came in much better than expected at $19.308bln vs. $7.000bln but was still down from the prior month of $20.374bln.
Today from the US we will look out for the 12:00 GMT US MBA Mortgage Applications and will also be looking out for US fed’s Williams to speak in regards to the economy, due at 15:30 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 |
|---|---|---|---|
| WED | 00:01 | GBP | GBP BRC Shop Price Index (YoY) | WED | 07:00 | EUR | EUR German Exports s.a. (MoM) | WED | 07:00 | EUR | EUR German Imports s.a. (MoM) | WED | 07:00 | EUR | EUR German Current Account (euros) | WED | 07:00 | EUR | EUR German Trade Balance (euros) | WED | 07:30 | EUR | EUR Bank of France Business Sentiment | WED | 07:45 | EUR | EUR French Central Government Balance (euros) | WED | 12:00 | USD | USD MBA Mortgage Applications | WED | 15:30 | USD | USD Fed's Williams Speaks on Economy in San Ramon | 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 |
| GBP/USD | 1.5919 |
|---|---|
| GBP/EUR | 1.199 |
| EUR/USD | 1.3275 |
| GBP/JPY | 122.67 |
| GBP/CHF | 1.4511 |
| GBP/AUD | 1.4683 |
| GBP/CAD | 1.5819 |
| GBP/NZD | 1.8969 |
| GBP/SGD | 1.979 |
| GBP/HKD | 12.344 |
| GBP/CZK | 29.753 |
| GBP/PLN | 4.988 |
| GBP/SEK | 10.602 |
| GBP/DKK | 8.9113 |
| GBP/NOK | 9.168 |
| GBP/THB | 48.9431 |
| GBP/ZAR | 11.9804 |
*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 |
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| 19 | 20 | 21 | 22 | 23 | 24 | 25 |
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