Currency watch No further UK rate cuts No further UK rate cuts |
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| Written by Rational FX | |
| Thursday, 22 May 2008 | |
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Sterling (GBP) - The main news out yesterday was the MPC minutes which came in as expected with members voting 8-1 for a hold in rates at 5.00% for the month and with indications suggesting that any further cuts could be on hold for a few months.
The GBP had a bad day of trading with the GBPUSD touching a low of 1.9616 and a high of 1.9688 before closing the day at 1.9680 in the New York session. Looking ahead, Retail Prices are just out and have come in better than expected month on month at -0.2% and exactly as per forecast year on year at 4.2%. Euro (EURO) - Yesterday saw the release of a better then expected German IFO business climate index coming in at 103.5 (102.1 expected). This boosted the Euro with the EURUSD trading at a low of 1.5634 and a high of 1.5789 before closing the day at 1.5785 in the New York session. Dollar (USD) - The FOMC released its minutes from the April 29-30 meeting and these pointed to weakening growth and higher unemployment in the US economy for 2008. Several policy makers considered it unlikely that there would be any further rate cuts in the immediate future. The U.S share markets and USD reacted negatively to the downgraded outlook. Later today, Jobless Claims are forecast to come out at 375k. Australian Dollar (AUD) - The AUD touched 20 year highs overnight on surging commodities and as a result of the fallout from hawkish RBA minutes. The AUDUSD traded with a low of 0.9558 and a high of 0.9653 before closing the day at 0.9629. BOOKMARK THIS PAGE (What is this?) |
- 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
- Currencies come in lower than expected 23/05/2008
- 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
- Gloomy figures drops the Sterling 14/05/2008
Feature story
Real emerging property markets are to be found in South AmericaWith the US and European property markets submerged in economic gloom it is only natural that shrewd property investors should look to other countries, indeed other continents, for the next big thing.
Company news
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Forum Watch
Beware rose tinted spectacle syndrome as forums highlight property woesIf you speak to property professionals they often have funny stories and happy stories but it is the disaster stories that make the headlines and headlines are often taken at face value as the property forums show this week.
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