Currency watch Currencies come in lower than expected Currencies come in lower than expected |
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| Written by Rational FX | |
| Friday, 23 May 2008 | |
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Sterling (GBP) Retail sales came in stronger than expected at -0.2% vs. predictions of -0.5%. The cable was tempered by stronger US data but made strong gains against the EURO and JPY.
The GBPUSD traded with a low of 1.9687 and a high of 1.9848 before closing the day at 1.9810 in the New York session. Looking ahead, the GDP Qtr1 figures are due out today with q/q expected to come in at 0.4% and y/y at 2.5%. Euro (EURO) Industrial New Orders came in weaker then expected at 1.0% vs. -0.4% expectations. The EURUSD traded with a low of 1.5693 and a high of 1.5814 before closing the day at 1.5710 in the New York session. Figures just out for the Eurozone are the PMI manufacturing for May which is as expected at 50.5 and services PMI which has come in lower than expected at 50.6. Dollar (USD) Initial Jobless Claims came in 9K lower then expected at 365K and gave the dollar some respite. US home prices fell 0.4 pct in March, after gaining 0.6 pct in February. Home prices have now fallen 3.7 pct since their peak in April 2007. Crude oil came off almost $5 from its record high to end the day at $130.60 per barrell. Today we have existing Home Sales which is expected to come in at 4.85 Million. Australian Dollar (AUD) The Aussie fell from 24 year record highs on the back of weaker commodities and heavy AUS/NZD sales after yesterday's New Zealand budget. Overall the AUDUSD traded with a low of 0.9547 and a high of 0.9651 before closing the day at 0.9557. BOOKMARK THIS PAGE (What is this?) |
- Sterling retreats this morning 02/06/2008
- Sterling and Euro show weak figures 30/05/2008
- ECB unlikely to reduce rates 29/05/2008
- Dollar strengthened across the board 28/05/2008
- Euro softened after show of confidence 27/05/2008
- No further UK rate cuts 22/05/2008
- US Dollar reeled slightly 21/05/2008
- Weak economic data ahead 19/05/2008
- Euro bolstered by higher data 16/05/2008
- BoE may need to revise their policy 15/05/2008
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