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In yet another not so Super Thursday, the Bank of England (BoE) revealed that interest rates could stay nailed to the ground till as late as 2017. As a result, Sterling took a nosedive following Mark Carney’s comments which came as a slight shock to the markets as they had…
We come in this morning with the Euro significantly weaker following Mario Draghi’s speech yesterday evening. The European Central Bank (ECB) president reiterated the dovish tone used in October which caused the Euro to fall against both the Dollar and the Pound. Draghi confirmed that the ECB will review the…
Sterling benefited from another welcome boost via Markit Manufacturing PMI yesterday which exceeded both September’s performance and the market consensus by some margin. The published data showed us that the manufacturing sector grew to 55.5 in October, thus stemming some of the fears that the UK economy has completely run…
The Eurozone’s third bailout for Greece is likely to be smaller than the initially envisaged 86 billion Euro. This is because the European Central Bank’s (ECB) stress test of Greek banks showed that Greece’s banks need to raise more than 14 billion Euro of extra capital to cover mounting unpaid…
Market focus today will be firmly on the Federal Reserve this evening as the rest of the economic calendar is thin throughout today. Rate hike…very unlikely. Traders have now pushed any chance of a rate lift off back to March 2016. Nevertheless, the majority of the policymakers in the Fed…
UK economic data was weaker than expected with BBA mortgage approvals declining to around 44,500 from 46,600 the previous month which could suggest some cooling in the housing sector. There was also a weakening in the latest CBI industrial survey with the orders component flagging; the quarterly data registered the…
Rounding off from Friday’s performance, the USD held onto its gains following a late rally versus Sterling. However, the pair ran into some Dollar selling activity around a key level of support as the rate held firm. The move was in part attributed to strong manufacturing figures from the US…
The Euro moved into a two-month low against the Dollar and a one month low versus the Pound yesterday after the European Central Bank (ECB) hinted at more stimulus in December, tipping the common currency into one of its biggest falls in recent years. Against Sterling, the Euro dropped 2%…
On the Sterling front, we have witnessed a mixed couple of days of trading, particularly against the USD. The pair has been somewhat range bound for a couple of weeks now with the respective Central Banks dictating most of the price action between the two. By and large, the speeches…
With another quiet day on the data front, the markets continue to speculate whether Draghi and the European Central Bank (ECB) will extend the current Quantitative Easing programme at tomorrow’s monetary policy statement. As a result EUR/USD has remained jumpy. It would appear that the likely outcome is more of…