Pound:
Sterling gave up gains against the dollar on Friday, as investors booked profits on a move higher in riskier currencies after better-than-expected headline U.S. jobs data with a gloomy UK economic outlook also weighing on sentiment. U.S. employment growth picked up speed in November and the jobless rate dropped to 8.6 percent from 9 percent, further evidence an economic recovery was gaining momentum. Sterling was down 0.4 percent against the dollar at 1.5627, falling past support at $1.5637–the previous day's low. It had risen to $1.5721 from around $1.5707 immediately after the U.S. jobs numbers were released, not far from a its peak of $1.5780 hit on Wednesday, when joint central bank action to inject liquidity into the global financial system encouraged investors to sell the safe-haven dollar. Against the euro, sterling cut losses. The euro was last up 0.1 percent against the pound at 1.1645, off a session low of 1.1600.
Data 09.30: Services PMI.
Euro:
The euro advanced, extending last week’s gains versus the dollar and yen, as Italy’s Cabinet approved a plan to cut its deficit before a European summit on the region’s sovereign-debt crisis. The 17-nation currency appreciated against all but two of its 16 major counterparts after people familiar with the negotiations said a proposal to channel European Central Bank loans through the International Monetary Fund may deliver as much as 200 billion euros to fight the crisis. The euro rose 0.3 percent this morning to $1.3430 after gaining 1.2 percent last week. German Chancellor Angela Merkel is scheduled to meet French President Nicolas Sarkozy to work on a plan for stricter enforcement of the region’s deficit rules. European Union leaders will hold a summit in Brussels this week.
Data 10.00: Retail Sales m/m.
Dollar:
Service industries in the U.S. probably grew in November at the fastest pace in six months, a sign the economy is accelerating in the final months of 2011, economists said before a report today. The Institute for Supply Management’s index of non- manufacturing industries, which account for about 90 percent of the economy, rose to 53.8 last month from 52.9, according to the median projection of 67 economists surveyed. Factory orders fell in October, another report may show. The services data may indicate the economic expansion is spreading at year-end after reports last week showed manufacturing picked up, consumer pessimism waned and unemployment dropped. At the same time, risks remain that Europe’s debt crisis and slower global growth will prompt U.S. companies to cut back. The figures follow a report last week from the Labor Department that showed the economy generated 120,000 jobs in November after 100,000 a month earlier. The unemployment rate unexpectedly dropped to 8.6 percent, the lowest since March 2009.
Data 15.00: ISM Non-Manufacturing PMI; Factory Orders.
General:
• Please note that from today we are based in our new city offices. Our new address is: 65 Leadenhall Street, London, EC3A 2AD. All contact details remain the same.
|
||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
|
red = down blue = up (snap shot)
These rates are for indication purposes only |
Website: www.easyfx.com
Email: FXDealers@vfxplc.com