PhilBen
17th November 2009, 06:46
The Pound enjoyed a good day on the markets yesterday. With at long last a close above the 1.12 level, we could see some sterling strength. However a cautionary note that data out today could see us rebound back into the 1.11’s
The Dollar again fell against the Pound and Euro after the Fed’s Chairman Ben Bernanke pledged to keep interest rates at a record low to help with the economic recovery, but he also said the central bank will monitor the weak U.S. dollar. Higher interest rates can support a currency as investors transfer funds in search of better returns.
The Euro consumer prices again fell in October, the fifth straight month by 0.1% but the pace of the decline has slowed down from -0.3% from the previous month. Energy costs are down 0.8% from a year ago as household’s cut back on spending amid the rising unemployment. Weak domestic demand continues to force retailers to cut prices
Interbank Rates at 7.45am UK Time
GBP-EURO 1.125
GBP-USD 1.683
GBP-AUD 1.804
Major Data out Today
UK CPI
EURO Trade balance (sa)
US PPI
US Treasury International Capital System (TICS)
The Dollar again fell against the Pound and Euro after the Fed’s Chairman Ben Bernanke pledged to keep interest rates at a record low to help with the economic recovery, but he also said the central bank will monitor the weak U.S. dollar. Higher interest rates can support a currency as investors transfer funds in search of better returns.
The Euro consumer prices again fell in October, the fifth straight month by 0.1% but the pace of the decline has slowed down from -0.3% from the previous month. Energy costs are down 0.8% from a year ago as household’s cut back on spending amid the rising unemployment. Weak domestic demand continues to force retailers to cut prices
Interbank Rates at 7.45am UK Time
GBP-EURO 1.125
GBP-USD 1.683
GBP-AUD 1.804
Major Data out Today
UK CPI
EURO Trade balance (sa)
US PPI
US Treasury International Capital System (TICS)