Sterling continues revival

Fri, 30 Oct 09 14:18 pm

Sterling was steady against the dollar and euro this morning after positive data on UK house prices and consumer confidence emerged to boost the pound's recovery from last week. The dollar slipped against the euro as investors await more US data to be released later today while the yen rose, helped by month-end demand from Japanese companies.

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Sterling nears high against euro

Thu, 29 Oct 09 14:17 pm

Sterling edged up this morning, closing in on a six-week high against the euro, which itself managed to recover slightly against the dollar as the market caught its breath ahead of key US gross domestic product data. The figures are expected to show a return to growth in the third quarter, which could signal that the US is on the way out of recession.

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Euro steady against pound as dollar strengthens

Wed, 28 Oct 09 05:00 am

The euro is steady against the pound this morning and reached an Asian session high against the dollar. Sterling steadied against US currency but fell sharply versus the yen as weak US confidence data and lower equities encouraged investors away from currencies considered to be higher risk.

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Sterling jumps as euro stumbles

Tue, 27 Oct 09 05:00 am

The pound rose to a session high earlier this morning whilst the euro managed to stabilise after taking a steep drop yesterday. Meanwhile the dollar eased as short covering receded and higher-yielders rebound after a fall on profit taking.

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Dollar drops as euro strengthens

Mon, 26 Oct 09 05:00 am

A Chinese report has pushed the dollar lower this morning whilst the euro traded past USD1.50 for the first time in 14 months. Meanwhile, pound sterling was strained following a sell-off from last weeks high and the Australian dollar continues to climb against its US counterpart.

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UK Economy Still In Recession

Fri, 23 Oct 09 05:00 am

The UK economy unexpectedly contracted by 0.4% between July and September, according to official figures released this morning. It is the first time that UK GDP has contracted for six consecutive months since figures were first recorded. This goes against the forecast of 0.2% growth, which was widely expected. There is now every indication that the British economy is in for a long, hard slog as it tries to turn itself around.

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Sterling strikes one-month high against the dollar

Wed, 21 Oct 09 05:00 am

The pound jumped against the US dollar this morning and extended its gains against the euro to hit a one-month high. The New Zealand dollar also shone following comments from the Reserve Bank chief whilst the Canadian dollar dropped.

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Dollar hits 14 month low as euro climbs

Tue, 20 Oct 09 05:00 am

The US dollar hit a 14-month low against a number of other currencies on Tuesday following a mixed bag of policymaker comments. Meanwhile, the pound rose slightly on early European sessions after hitting a low yesterday and the Australian dollar continued its climb.

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Pound is down as Australian and New Zealand dollars climb

Mon, 19 Oct 09 05:00 am

UK currency fell against the dollar and the euro late on Friday after the Sunday Times said Bank of England policy maker Adam Posen may support an extension of the central bank's asset-purchase program.Meanwhile the Australian and New Zealand dollars rose as a Reserve Bank of Australia official said a move to 'more normal' interest rates was appropriate and growing stocks boosted demand for higher-yielding assets. Federal Reserve Board Chairmen Ben Bernanke is due to deliver a speech today which may set the tone for the major currencies and clarify today's market.

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Pound continues its climb as euro slips against the dollar

Fri, 16 Oct 09 05:00 am

The pound has continued to outperform this morning due to gossip regarding M&A activity and rumours that the Bank of England will not be increasing quantative easing in November. The dollar fell to a four week low against sterling but held strong against the yen. The euro fell against the dollar and the Aussie was boosted by hawkish comments from the RBA Governor. Today�s data releases include the Industrial Production report and stats from TIC Long Term Purchases.

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Sterling soars as dollar hits 14 month low

Thu, 15 Oct 09 05:00 am

The sterling has reached a fresh 3-week high while the dollar fell to a 14-month low against the euro and commodity-based currencies. Expectations that US interest rates would remain low for some time were reinforced by minutes from the latest meeting of the US Federal Reserve's policy-setting committee, giving traders the green light to sell the dollar, giving the Australian, Canadian and New Zealand dollar all a boost. The Swiss franc also reached a 15-month peak. US consumer prices and jobless claims data are being monitored for further signs of recovery.

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Euro hits high amid signs of global recovery

Wed, 14 Oct 09 05:00 am

Positive signs came through for the global economy today as world stocks hit a new 12-month high, driven by positive earnings from US tech giant Intel and surprisingly strong trade figures from China. The euro has hit it�s highest since August 2008 at USD 1.49 on EBS trading systems whilst the pound rallied to make a recovery from falls earlier this week. The Swiss franc also rose to its strongest since July 2008.It�s been a tough morning for US currency, which continued to weaken, hitting its lowest in more than a year against the euro and Swiss franc on higher equities and oil prices, as well as speculation that US interest rates will stay low for some time.

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Pound under pressure as Aussie hits high

Tue, 13 Oct 09 05:00 am

Sterling remained under pressure this morning, with the euro hitting a new 6-month high of 93.89 against the pound as worries about Britain's weak financial state overshadowed positive data. The yen took a broad slide as resilience in oil, commodity and equity prices supported units such as the New Zealand and Australian dollars. The US dollar inched up against other currencies on Tuesday but didn’t stray far from recent lows as traders await clearer signs from US corporate earnings, German investor sentiment data and stock market performance. Early trading in Europe was subdued and restricted to narrow ranges; however the result of the US Federal Budget Balance is expected to drive volatility for the US dollar and forex trading today. The German ZEW Economic Sentiment, the British CPI and BOE Inflation Letter are also expected to be create market volatility.

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Sterling stumbles as dollar gains against yen

Mon, 12 Oct 09 05:00 am

The dollar was stronger against major currencies this morning and reached a two-week high against the Japanese yen, whilst sterling was struck by reports that rates are to remain at rock-bottom levels. Other news this morning includes Gordon Brown's proposals to reduce the rising budget deficit by raising GBP16 billion from the sale of assets. Meanwhile the euro slid despite a brief rise last week whilst the Australian dollar rose to a two-month high against the yen.Traders said activity was quiet today, with a government holiday taking place in the United States and Tokyo markets shut for a one-day break.

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US dollar slides

Fri, 09 Oct 09 05:00 am

The US dollar weakened today as strong jobs data gave the Australian dollar a boost and an upbeat US corporate earnings report stimulated investor demand for higher risk and yield at the US dollars expense. A high in UK consumer confidence has given the pound some ground on the dollar whilst the yen rose to the highest level in a week. Trading ranges in the European session were narrower than they were in Asia, with dealers remaining hesitant ahead of the European Central Bank and Bank of England policy decisions being made later in today.

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US dollar rises as the pound and yen fall

Fri, 09 Oct 09 05:00 am

The US dollar has picked up from a low on Thursday to a session high after Federal Reserve Chairman Ben Bernanke made it clear he is considering an exit strategy from low interest rates and quantitative easing as the economy strengthens. However, the European Central Bank cautioned against hopes of a speedy economic recovery on Thursday in the 16-nation euro zone as it left benchmark interest rates at a record low 1% for the fifth month running. Despite rallying Wednesday and Thursday to an intra-week high, the pound is expected to decline in the coming weeks whilst Asian markets have advanced moderately this morning.

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Sterling remains weak

Wed, 07 Oct 09 05:00 am

Exchange rates for the pound remain at low levels this morning, as weak labour market figures from the US and the G7 meeting caused a spike in risk aversion over the weekend. G7 ministers refrained from intervening to halt the decline of the US dollar although most agree that a strong US dollar is crucial to global recovery.

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Australian interest rates rise

Wed, 07 Oct 09 05:00 am

Exchange rates for the higher yielding currencies have received a boost this morning after the Australian central bank rose interest rates to 3.25%. The move was a positive surprise for markets and has sent the Australian exchange rate higher this morning, gaining on the pound, euro and US dollar.

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European growth contracts

Wed, 07 Oct 09 05:00 am

Seasonally adjusted figures for the eurozone show the economy contracted -0.2% in the second quarter, although this has failed to dent euro exchange rates this morning. The Australian and New Zealand dollars continue to gain ground after the RBA raised interest rates yesterday and the pound is at low levels ahead of the Bank of England rate decision tomorrow.

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Risk aversion rises

Fri, 02 Oct 09 05:00 am

Risk aversion rose in international markets yesterday after US labour market data and manufacturing figures came in weaker than expected, fuelling demand for the safe haven currencies. Sterling exchange rates remain at low levels this morning despite rising house prices in September. Today markets will be interested in the US unemployment rate.

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US GDP shrinks -0.7%

Thu, 01 Oct 09 05:00 am

US GDP figures surprised markets to the upside yesterday, contracting by -0.7% in the second quarter. The IMF also raised global growth forecasts for 2010 predicting that increased demand from Asian economies will help drive recovery. Today markets will be interested in the US unemployment rate and personal consumption figures.

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