Pound gains ground

Wed, 30 Sep 09 06:00 am

Currency rates for the pound have recovered slightly this morning, rising against the euro and US dollar after yesterday's GDP figures suggested the UK will exit recession in the third quarter. In the eurozone Germany's unemployment rate has dropped to 8% and today markets will be interested in US employment change figures and GDP statistics.

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UK GDP falls -0.6%

Tue, 29 Sep 09 06:00 am

This morning's figures show UK GDP levels fell -0.6% in the second quarter, with the pace of decline easing as the economy enters the early stages of recovery. Exchange rates for the greenback reached a four-month high against the pound and euro currency rates fell after a downbeat speech from ECB president Trichet.

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Sterling at five-month low

Mon, 28 Sep 09 06:00 am

Sterling exchange rates remain at a five-month low against the single currency, falling after comments from the Bank of England governor suggested a weak pound would support UK recovery. Today is light for economic data with UK GDP figures and US consumer confidence due tomorrow.

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Pound drops again

Fri, 25 Sep 09 06:00 am

Currency rates for the pound have fallen to their lowest level in over five months against the euro and US dollar, after comments from Mervyn King suggested that a weak pound is positive for the UK economy. The G20 meeting has given a bigger role to emerging economies for global recovery and US durable goods orders are due today.

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Fed rates on hold

Thu, 24 Sep 09 06:00 am

The Federal Reserve voted to leave interest rates on hold overnight and gave a speech highlighting the gradual nature of economic recovery in the US. The pound has fallen further against the US and European currencies after the MPC noted concerns over low interbank lending levels in the UK. Today markets will be interested in US jobless figures.

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New Zealand exits recession

Wed, 23 Sep 09 06:00 am

New Zealand has surprised economists this morning by exiting recession ahead of forecast, with the economy recording 0.1% growth in the third quarter. The New Zealand dollar climbed to a 13-month high against the US currency and the pound also strengthened as MPC minutes show the committee was unanimous in its decision to keep interest rates on hold. Today the Federal Reserve is due to make an interest rate decision.

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Pound at five-month low

Tue, 22 Sep 09 06:00 am

Sterling foreign exchange rates have reached a five-month low against the euro, falling to 1.10 amid extremely weak sterling sentiment. Early this week is light for economic data, with investors taking up safe haven positions ahead of the MPC and Federal Reserve interest rate announcements later in the week.

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Pound slides against euro

Mon, 21 Sep 09 06:00 am

Sterling exchange rates have continued to slide against the single currency, reaching their lowest level since August as economic data continues to exacerbate the negative aspects of the UK economy. UK public sector borrowing rose for the third month in a row, while in the eurozone the trade surplus grew. There is no major data due today with the Fed interest rate decision released later in the week.

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UK debt rises

Fri, 18 Sep 09 06:00 am

Public sector debt in the UK has reached a GBP16.1 billion pound deficit in August, as tax revenue has declined and government spending rises. Foreign exchange rates for the pound remain under pressure, falling to 1.11 against the euro this morning. The Turkish central bank has continued to slash interest rates, sending the lira lower against the US dollar, while the Aussie and Kiwi currencies have trimmed gains as risk appetite falls in the market.

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Sterling continues to slide

Thu, 17 Sep 09 06:00 am

Exchange rates for the pound continue to slide against the single currency yesterday as UK unemployment rose to 7.9%. The euro continued its rally against the US dollar after positive comments from Ben Bernanke over the state of the US economy and this led to an increase in risk appetite. Currency rates for the Australian and New Zealand dollars both reached a 10 year high against the pound, while touching their highest level in 12 months against the greenback.

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AUD reaches record

Thu, 17 Sep 09 06:00 am

The Australian and New Zealand currencies have reached record highs against the US and UK currencies, boosted by a surge in market confidence.

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Canadian inflation released

Thu, 17 Sep 09 06:00 am

The Canadian consumer price index rose 0.3% in the last month, falling -0.8% on the year.

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USD weakens

Thu, 17 Sep 09 06:00 am

The US dollar has reached a one-year low against the euro, weakening as positive economic data increases demand for the higher yeilding currencies.

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UK unemployment 7.9%

Wed, 16 Sep 09 06:00 am

The UK unemployment rate has risen to 2.47 million while inflation continues to decline, putting the pound under pressure on the currency markets. The euro reached a four-month high against sterling yesterday and the higher yielding currencies gained after positive retail sales figures in the US drove risk appetite in the market. Today markets will be interested in US inflation figures out this afternoon.

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Euro inflation falls

Wed, 16 Sep 09 06:00 am

The consumer price index for the eurozone has come in at 0.3% on the month, with inflation running at an annual rate of 1.3%.

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Turkey may cut rates

Wed, 16 Sep 09 06:00 am

Turkey may continue to cut interest rates as the global economy improves.

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US inflation positive

Wed, 16 Sep 09 06:00 am

The consumer price index has brought in positive figures in the US this afternoon, affecting US dollar exchange rate.

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UK inflation 1.8%

Tue, 15 Sep 09 06:00 am

The UK inflation rate has come in this morning at 1.8%, as lower food and energy prices have helped drag consumer prices lower. In the eurozone the ZEW economic sentiment survey has come in at 59.6, while German consumer confidence also continues to rise. We can expect some currency volatility today due to the high volume of data released, with retail sales and the producer price index due in the US.

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UK inflation falls

Tue, 15 Sep 09 06:00 am

UK inflation rates have dropped to 1.6%, falling faster than markets expected.

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ZEW improves

Tue, 15 Sep 09 06:00 am

The ZEW economic sentiment index has improved for both Germany and the eurozone, supporting euro exchange rates this morning.

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AUD falls

Tue, 15 Sep 09 06:00 am

The Australian dollar has fallen for the third straight day on speculation that the Reserve Bank will delay raising interest rates.

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European growth rates differ

Tue, 15 Sep 09 06:00 am

The ECB has noted that recovery in European countries is progressing at different speeds.

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US retail sales rise

Tue, 15 Sep 09 06:00 am

Retail sales in the US rose 2.7% in the last month, spurred on by the "cash for clunkers" initiative in the US.

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Sterling sinks again

Mon, 14 Sep 09 06:00 am

Foreign exchange rates for the pound have trimmed gains this morning against the US dollar and euro, trading lower ahead of important data released in the UK this week. European employment figures this morning show the labour market continues to decline while New Zealand retail sales fell 0.5% in July.

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European industrial production rises

Mon, 14 Sep 09 06:00 am

Industrial production figures rose in the eurozone in July, confirming that the region is on the road to economic recovery and helping to strengthen European exchange rates.

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NZ retail sales shrink

Mon, 14 Sep 09 06:00 am

New Zealand retail sales fell in July for the second consecutive month, sending currency rates for the New Zealand dollar lower.

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Growth predicted for Brazil

Mon, 14 Sep 09 06:00 am

Credit Suisse has predicted the Brazilian economy will grow in 2010, expanding at a rate of 5%.

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Interest rates on hold

Fri, 11 Sep 09 06:00 am

Both the Bank of England and the Canadian central bank voted to leave interest rates on hold at record lows yesterday at 0.5% and 0.25% respectively, in the hope of boosting the rate of economic recovery. In the UK investors gained confidence from the fact that the MPC voted not to expand QE levels and foreign exchange rates for the pound rose against the US dollar and euro this morning.

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Japanese GDP falls

Fri, 11 Sep 09 06:00 am

Japanese GDP figures show the economy grew less than previously thought in the second quarter.

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Sterling gains

Fri, 11 Sep 09 06:00 am

The pound strengthened yesterday, snapping three days of losses against the euro after the MPC voted to leave interest rates on hold.

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Brazilian GDP grows

Fri, 11 Sep 09 06:00 am

The Brazilian economy has ended its recession recording 1.9% growth in the second quarter, sending currency rates for the real higher.

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MPC decision due

Thu, 10 Sep 09 06:00 am

The Bank of England is due to make an interest rate decision today, with economists predicting no change to the base rate or quantitative easing levels. Central banks in New Zealand and South Korea also voted to keep interest rates on hold overnight. Currency rates could be subject to volatility today following the interest rate decision in the UK and jobless claims and trade balance figures in the US.

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Australian unemployment rises

Thu, 10 Sep 09 06:00 am

The Australian unemployment rate has risen in August, sending the Australian dollar against its international currency partners.

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Canadian rates on hold

Thu, 10 Sep 09 06:00 am

The Canadian central bank has voted to keep interest rates on hold this month, in line with market expectations.

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UK figures weak

Wed, 09 Sep 09 06:00 am

The UK total trade balance has increased to GBP-2.45 billion in July, rising from the previous month and putting sterling exchange rates under pressure this morning. The pound reached a two-week high against the US dollar yesterday following positive production statistics in the UK, although these gains have been trimmed this morning. Interest rate decisions from Canada, Australia and the UK are likely to induce some currency volatility overnight.

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CAD weakens

Wed, 09 Sep 09 06:00 am

Foreign exchange rates for the Canadian dollar have weakened this morning after touching on a one-month high against the US dollar.

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Australian retail sales fall

Wed, 09 Sep 09 06:00 am

Currency rates for the Australian dollar have weakened overnight, falling against its major currency partners after weak retail sales figures.

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Czech inflation falls

Wed, 09 Sep 09 06:00 am

The Czech inflation rate has fallen to 0.2%, the lowest in six years as consumer prices continue to fall in Eastern Europe.

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UK industrial production rises

Tue, 08 Sep 09 06:00 am

Sterling foreign exchange rates have gained ground this morning, climbing against its international currency partners after better than expected manufacturing and industrial production statistics for July. The Swiss unemployment rate and German trade balance have helped improve euro sentiment, while trading for the US dollar and yen remains downbeat.

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UK production rises

Tue, 08 Sep 09 06:00 am

Retail sales in the UK have fallen 0.1% in August, while manufacturing has risen, leading sterling exchange rates higher.

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German exports rise

Tue, 08 Sep 09 06:00 am

Export levels in the German economy rose in August, despite the fact that industrial production declined.

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Czech Republic recovers

Tue, 08 Sep 09 06:00 am

The Czech Republic has recorded growth in the second quarter of 2009, sending currency rates higher for the koruna.

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Australian confidence jumps

Tue, 08 Sep 09 06:00 am

Business confidence in Australia has leapt to a six-year high, adding to the case for interest rate rises in November.

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Canadian permits down

Tue, 08 Sep 09 06:00 am

Canadian building permits have fallen over 11% in the month to July but CAD currency remains strong.

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US unemployment 9.7%

Mon, 07 Sep 09 06:00 am

US figures released on Friday showed the official unemployment rate rose to 9.7%, ahead of the 9.4% recorded in July, reaching the highest level since the 1980s. Limited risk appetite has returned to markets this morning with currency rates for the pound, Australian and Kiwi dollars gaining on the safe haven currencies. This week markets will be interested in the Fed beige book and Bank of England interest rate decision.

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German factory orders rise

Mon, 07 Sep 09 06:00 am

German factory orders have exceeded market expectations, rising 3.5% on the month to July, while falling -19.8 on the year.

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CAD gains

Mon, 07 Sep 09 06:00 am

The Canadian dollar strengthened 0.2% against the US dollar last week, as exchange rates were driven higher by positive economic data.

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ECB rates on hold

Fri, 04 Sep 09 06:00 am

The ECB voted to leave interest rates on hold at 1% yesterday in a move widely expected by markets, with ECB President Trichet citing ongoing risks to the economy. US jobless claims rose, but by a smaller figure than last week, allowing the pound to reach a one-week high against the euro on the back of improved risk. The US unemployment rate could be a source of market volatility today.

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NZD gains

Fri, 04 Sep 09 06:00 am

Currency rates for the New Zealand dollar have gained ground this morning, rising on the back of increased commodity demand from China.

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ECB decision due

Thu, 03 Sep 09 06:00 am

Limited risk appetite has returned to the market ahead of the ECB interest rate decision, boosting foreign exchange rates for the higher yielding currencies. This morning the UK service sector PMI has come in more positive than expected, allowing sterling to recover against the euro and US dollar. The ECB interest rate decision and US initial jobless claims will be of interest to markets today.

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UK service sector improves

Thu, 03 Sep 09 06:00 am

The UK service sector has recorded an expansion in August, rising to 54.1 and boosting sterling exchange rates.

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Australian trade deficit increases

Thu, 03 Sep 09 06:00 am

The Australian trade balance has plunged further into the red, as exports fell and imports rose in the second quarter.

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G20 to debate reform

Thu, 03 Sep 09 06:00 am

US Treasury Secretary Timothy Geithner has addressed the G20, claiming talk of exit strategies is premature and a coordinated global effort is required to help recovery from recession.

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ECB interest rates on hold

Thu, 03 Sep 09 06:00 am

The ECB has voted to leave interest rates on hold at 1%, in a move widely expected by markets.

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FOMC minutes due

Wed, 02 Sep 09 06:00 am

Minutes from the latest FOMC meeting are due in the US today, along with a speech from the Fed's Dennis Lockhart and this could be a source of currency volatility as markets search for signs of economic recovery. The Australian dollar has climbed against the US dollar following surprisingly positive GDP figures for the second quarter, while the pound remains weak after the release of downbeat construction data.

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Mexican peso declines

Wed, 02 Sep 09 06:00 am

Currency exchange rates for the Mexican peso have declined for the eighth day in a row against the US dollar, as risk aversion rises in the market.

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Australian GDP rises

Wed, 02 Sep 09 06:00 am

Australian GDP unexpectedly expanded by 0.6% in the second quarter, well above market expectations sending currency rates for the Australian dollar higher.

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US payrolls reduced

Wed, 02 Sep 09 06:00 am

US companies have reduced their payrolls by more than forecast to help them weather the effects of recession.

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Canadian stocks fall

Wed, 02 Sep 09 06:00 am

Canadian stocks have fallen following the recent decline in commodity prices sending the Canadian currency to a two-week low against the US dollar.

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Euro unemployment 9.5%

Tue, 01 Sep 09 06:00 am

After markets were closed for a UK bank holiday yesterday, sterling has continued to decline in early trading this morning following the UK manufacturing PMI which came in weaker than expected. In the eurozone, unemployment has risen to 9.5%, while the Australian Reserve Bank opted to leave interest rates on hold at 3% for the fifth consecutive month.

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Euro unemployment rises

Tue, 01 Sep 09 06:00 am

The eurozone unemployment rate has risen to 9.5% across the region, though this failed to dent euro exchange rates in today's currency trading.

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US manufacturing expands

Tue, 01 Sep 09 06:00 am

The ISM manufacturing index has expanded in the US for the first time since January 2008, supporting the view that the US will end recession in the third quarter.

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Today's Currency News

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