Pound gains on Euro
Fri, 30 Jan 09 06:00 am
The Pound made significant gains on the Euro overnight as comments from leading speculator George Soros and negative economic data placed the single currency under pressure. US GDP figures out this afternoon are likely to be a source of market volatility as they are expected to show a deep contraction in quarter 4 of 2008.
IMF predicts deep recession
Thu, 29 Jan 09 06:00 am
The International Monetary Fund (IMF) announced yesterday that the UK is to be hardest hit by the current recession. Global growth forecasts have been revised down to 0.5% in what is likely to be the worst recession in 60 years. A separate report from the International Labour Organisation (ILO) predicted 50 million people internationally would become unemployed as a result of the downturn.
WEF meets in Davos
Wed, 28 Jan 09 06:00 am
The positive sentiment continues in world equity markets this morning as the World Economic Forum meets in Davos, Switzerland. In the absence of major data Sterling has recovered some of the ground lost late last week against the Dollar and Euro. The FOMC meeting continues today, but with interest rates effectively at zero their focus is likely to be on fiscal policy and credit easing.
Risk Appetite Returns
Tue, 27 Jan 09 06:00 am
Rallies in equity markets yesterday led extreme risk aversion to fade, giving a boost to the higher yielding currencies. This was despite the announcement of 80 000 job losses across the UK, Europe and US. The Federal Reserve begins its two day interest rate meeting today.
UK GDP contracts -1.5%
Mon, 26 Jan 09 06:00 am
UK GDP has contracted -1.5% in the fourth quarter, taking annual growth rates to -1.8% confirming an entrenched recession. Growing speculation that the government will have to move to more unconventional policy measures is turning investors away from the Pound, while economic uncertainty internationally is supporting the US Dollar.
Sterling under Pressure
Mon, 26 Jan 09 06:00 am
The Pound remains under pressure this morning, trading just off recent lows against its major currency partners. Barclay's shares have risen nearly 40% in response to claims from the Chairman and Chief Executive the bank is operating in good financial health and the Federal Reserve is due to make an interest rate decision later in the week.
Pound under Pressure
Thu, 22 Jan 09 06:00 am
The Pound has continued to slump against the US Dollar reaching 1.36 yesterday, the lowest level since 1985. Sterling continues to be battered by spiralling government debt and the likelihood of more unconventional monetary easing measures from the MPC. Wall Street equities rallied reviving risk appetite internationally, however Sterling remained exempt and suffered against most of its international currency partners.
Wall Street Plunges
Wed, 21 Jan 09 06:00 am
A plunge on Wall Street on the day of President Obama's inauguration has added urgency to the case for restoring market confidence. The Dow Jones, NASDAQ and FTSE have all suffered significant losses as confidence in the banking sector falls even further.
Pound Slumps along with Market Confidence
Tue, 20 Jan 09 06:00 am
The Pound declined to a 6 year low against the Dollar yesterday as market confidence was shattered by the announcement of the largest profit loss in history from RBS. The EU has revised growth predictions downwards to -1.9% for 2009 and equity markets are awaiting a fiscal stimulus package announcement from the US.
UK Government to Insure Banks
Mon, 19 Jan 09 06:00 am
The Government has announced a second series of measures this morning aimed at insuring banks and alleviating toxic assets. Financial think-tank Ernst & Young has predicted UK unemployment is to hit 3.4 million by the end of 2010 and equity markets around the world have staged a minor rally boosted by the announcement of rescue packages in the US and UK.
ECB cuts to 2%
Fri, 16 Jan 09 06:00 am
The ECB reduced its base interest rate to 2% yesterday in a move that was widely expected by markets. A volatile day of trading saw Bank of America shares lose over 20% and the London FTSE 100 also closed with significant losses. Consumer inflation and industrial production figures from the US are likely to be the major market movers today.
US Unemployment at 16yr High
Wed, 14 Jan 09 06:00 am
The US unemployment rate released on Friday has reached a 16 year high of 7.2% with 524 000 jobs lost in December. The Pound has maintained its recent strength against the Euro as markets focus on the ECB interest rate decision due on Thursday.
Risk Aversion Returns
Wed, 14 Jan 09 06:00 am
Safe haven currencies have been the major benefactors overnight as markets were battered with more evidence of economic downturn. Sterling has declined against the US Dollar, Euro and Yen this morning as the BCC figures describe the state of the UK economy as 'frightening'.
US Trade Balance Reduced by 28.7%
Wed, 14 Jan 09 06:00 am
The US trade balance released yesterday showed a sharper than expected reduction, by over 28.7% due to reduced consumer demand and the lower price of oil. This supported the US Dollar internationally at the expense of the Pound and Euro.
Pound Stays Steady
Fri, 09 Jan 09 06:00 am
The Pound and the Euro have retained their relative strength versus the US Dollar as US news tends to dominate markets in a light week for financial data.
Central Banks Co-operate
Fri, 09 Jan 09 06:00 am
An unprecedented emergency rate cut from the world's leading central banks yesterday failed to inspire a jump in the markets, which still closed with notable losses.
Global Markets Recover
Fri, 09 Jan 09 06:00 am
MSCI World Index posted its largest gains on record as markets climb across the world after the announcement of a co-ordinated plan from governments to underwrite debts, nationalise banks and provide more liquidity.
Markets Fear Recession
Fri, 09 Jan 09 06:00 am
Markets have taken another dive across the world as recession fears become apparent, erasing gains made earlier in the week. UK unemployment figures are expected to soar into next year following a 164 000 rise in August.
Pound Plummets Overnight
Fri, 09 Jan 09 06:00 am
The Pound suffered its steepest decline in 16 years overnight as King's comments entrench views of recession for UK.
Bank cuts to 1.5%
Fri, 09 Jan 09 06:00 am
The Bank of England cut interest rates to 1.5%, the lowest level in history yesterday in a move that was expected by markets and had little impact on Sterling. The ECB is coming under increasing pressure to cut interest rates further as weak economic data shows the downturn is gaining momentum in the Eurozone.
Federal Plan Rejected
Thu, 08 Jan 09 06:00 am
News that the Federal Reserve�s rescue package has been shot down by Congress sent share markets plummeting across the world last night and this morning.
Markets Await Bank Decision
Thu, 08 Jan 09 06:00 am
The Bank of England is likely to cut interest rates to an all time low with an expected reduction of between 0.5% and 1%. Negative data from the Eurozone has weakened the Euro overnight and US private sector unemployment figures show a larger than expected rise for November.
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