PhilBen
21st September 2009, 08:45
The Pound declined heavily against the Euro and the Dollar on Friday. With ongoing fragility of the UK banking sector, the Pound came under pressure after news that the UK government was tightening the terms for one of the nation's banks to exit its asset-protection scheme. Lloyds Banking Group announced they were in talks over a possible reduction in the number of toxic assets it may place in the so-called asset protection scheme after Friday's tougher-than-expected capital conditions set forth by the Financial Services Authority.
The Dollar made considerable gains against the Pound while declining against the Euro as waning risk appetite helped boost the US dollar. Without much economic news due out today, many investors will likely take their cue from flows in equity and commodity markets. Global equity came under pressure today as investors took stock of recent hefty gains and oil prices slipped below $72 a barrel, helping to reprieve the downtrodden Dollar. Unemployment rose in 27 states in August, with California and Nevada reaching record levels of joblessness at 12.2% and 13.2% respectively. Many analysts are forecasting unemployment to reach 10% this year.
The Euro made gains against the Dollar and the Euro on Friday. As hopes for a global recovery continue to provide support for riskier assets while the Euro zone's current account balance came in at a 6.6 billion Euros surplus, and German producer prices increased by 0.5% month over month in August.
Todays Rates @ 9.44am
GBP-EURO 1.1035
GBP-USD 1.618
Data released 21st September 2009
US 15.00 Leading Indicators (August)
The Dollar made considerable gains against the Pound while declining against the Euro as waning risk appetite helped boost the US dollar. Without much economic news due out today, many investors will likely take their cue from flows in equity and commodity markets. Global equity came under pressure today as investors took stock of recent hefty gains and oil prices slipped below $72 a barrel, helping to reprieve the downtrodden Dollar. Unemployment rose in 27 states in August, with California and Nevada reaching record levels of joblessness at 12.2% and 13.2% respectively. Many analysts are forecasting unemployment to reach 10% this year.
The Euro made gains against the Dollar and the Euro on Friday. As hopes for a global recovery continue to provide support for riskier assets while the Euro zone's current account balance came in at a 6.6 billion Euros surplus, and German producer prices increased by 0.5% month over month in August.
Todays Rates @ 9.44am
GBP-EURO 1.1035
GBP-USD 1.618
Data released 21st September 2009
US 15.00 Leading Indicators (August)