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Daily Foreign Exchange Market Update 11/10/2011

Tue, October 11, 2011

The Pound finished yesterday lower against the Euro; but higher against the US Dollar in the foreign exchange market. The GBP/EUR exchange rate fell across the day, from 1.1544 at the morning’s open down to 1.1459 by the day’s close. The GBP/USD exchange rate however, picked up from 1.5620 at the market open to trade up at 1.5682 by the close of the UK business day. There were no significant releases in terms of economic data from the UK yesterday, with market movement being based on shifts in risk sentiment, and also news from the worlds other major economies.

The early hours of this morning has seen the release of September’s RICS house price balance figure, which held steady at -23%. Later on today will see Augusts’ industrial and manufacturing production figures cross the wires, with the market forecast for a slight drop in both readings; which is not a positive sign for the overall UK economy, but should not affect the currency too heavily. This afternoon’s release of the latest GDP estimate from the NIESR may affect the Pound. With the market expecting a reading of around 0.2% for September, any downward revision to this could see the Pound come under fierce pressure.

The Euro gained against both the Pound and the US Dollar in the currency exchange market yesterday. The EUR/USD exchange rate moved up throughout the day, from the morning’s open at 1.3531 to trade up at 1.3684 by the day’s close. This was despite disappointing Euro-zone Sentix investor confidence figures for October, which showed an increase in negative sentiment, the reading dropping from -15.4 down to -18.5.

There are no scheduled data events of note for Europe today, leaving the currency open to data from the UK and the US, and any potential developments in regards to Euro-zone debt and re-financing.

The US Dollar lost ground against the Pound and the Euro yesterday. There was no economic data released from the US due to it being a non-trading day (Columbus Day).

Today will see the release of the minutes from the Federal Reserve’s last policy meeting on the 20th September. The market will look to gain some sense of direction and overall sentiment from the central bank in terms of future policy, and also the prospects for economic growth and inflation. The Dollar could take direction from this release, with market participants eager to understand the Federal Reserve’s thinking behind adding an additional $400 billion to extend the maturity dates of all it’s security holdings, and also how the central bank plans to combat a weak housing and labour market.

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
TUE 09:30 GBP GBP Industrial Production (YoY)
TUE 09:30 GBP GBP Manufacturing Production (MoM)
TUE 09:30 GBP GBP DCLG UK House Prices (YoY)
TUE 09:30 GBP GBP Industrial Production (MoM)
TUE 09:30 GBP GBP Manufacturing Production (YoY)
TUE 12:30 USD USD NFIB Small Business Optimism
TUE 15:00 USD USD IBD/TIPP Economic Optimism
TUE 15:00 GBP GBP NIESR Gross Domestic Product Estimate
TUE 19:00 USD USD Fed Releases Minutes of Sep. 20 FOMC Meeting

Foreign Exchange Rates

GBP/USD 1.5631
GBP/EUR 1.1469
EUR/USD 1.3623
GBP/JPY 119.81
GBP/CHF 1.4143
GBP/AUD 1.5738
GBP/CAD 1.6130
GBP/NZD 2.0025
GBP/SGD 2.0054
GBP/HKD 12.1604
GBP/CZK 28.351
GBP/PLN 4.9606
GBP/SEK 10.4486
GBP/DKK 8.5348
GBP/NOK 8.9371
GBP/THB 48.32
GBP/ZAR 12.3630

*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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