Currency watch Dollar and Euro dive over poor economic data Dollar and Euro dive over poor economic data |
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| Written by Rational FX | |
| Thursday, 08 May 2008 | |
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The dollar has fallen below critical technical support in Sterling at 1.9600 and exchanged as low as 1.9500. The Euro has also taken a dive weighed down by some poor economic data.
German factory orders declined month on month as did European Retails Sales in March. This is a six week high against the Euro and a 10 week peak against the Pound ahead of today's rate announcementsfrom the ECB & BoE. ECB are expected to hold rates despite lacklustre economy. All eyes are on the post decision press conference where Mr. Trichet may up his hawkish stance especially in light of the sharp rise in oil and commodity prices. The BoE are more likely to cut rates now than they were a few days ago where we have since printed weak consumer confidence numbers and industrial output figures, although unlikely to do a U-turn in its anti-inflation rhetoric with back to back cuts. EUR-GBP will become an interesting play should any of the banks cut today. BOOKMARK THIS PAGE (What is this?) |
- BoE may need to revise their policy 15/05/2008
- Gloomy figures drops the Sterling 14/05/2008
- Sterling performed well yesterday 13/05/2008
- Inflation on the agenda again 12/05/2008
- ECB and BoE keep rates on hold 09/05/2008
- Speculation over interest rate decisions 07/05/2008
- Markets going against the currency 06/05/2008
- Dollar raged on as better data released 02/05/2008
- Fed cuts interest rates 01/05/2008
- Dollar seems to be king 30/04/2008
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