Tag Archives: GBP
Asian Market Summary
EUR opened in Asia this morning at $1.3050 after highs in NY of $1.3077 following yesterday’s stronger PMI data from China and a rise in global PMI to 50.8 in December. Equities picked up as some tentative risk returned along with firmer crude prices on further tensions between Iran and the US.
Market Analysis
Riskier currencies like the EUR and AUD rose in European trading Tuesday while the greenback was under broad-based pressure as the London market kicked off 2012 in a mildly upbeat mood, helped by a run of encouraging global economic data.
GBP ANALYSIS
GBP opened Asia around $1.5510, marked lows at $1.5507 before it trailed EUR/USD overnight push higher, moving up to $1.5565 and leaving EUR/GBP to edge up from stg0.8336 to stg0.8360. GBP was able to play catch up into early Europe, nudging on to $1.5580, while the cross eased off its overnight highs toward overnight lows […]
Market Analysis
GBP – failure to extend recovery off $1.5560 back above $1.5590 sees rate slip back to $1.5570, while the cross again meets demand around the stg0.8340 level with it extending its recovery off earlier lows at stg0.83295 to challenge resistance between stg0.8345/50.
European Morning Briefing
EUR/USD opened at $1.2961 in Asia after a bounce in the NY session from a year’s low of $1.2858. Weak demand in yesterday’s Italian auctions led a sell-off in thin market conditions, but the move proved unsustainable with short covering leading to a late rally and the EURO closing higher on the day.
ASIA REVIEW
The EUR’s fall late Wednesday, which dragged down the AUD and Asian currencies including the SGD. markets were reacting to the report that banks deposited a record amount in the ECB’s overnight deposit facility, a sign that additional liquidity provided by the ECB isn’t being deployed to maximum effect to ease sovereign debt problems.
MARKET ANALYSIS
The USD gained Wednesday, pushing the euro to its lowest level since September 2010, as US stocks extended losses after the European Central Bank released more data on its lending operations.
EURO ANALYSIS
The impact of a better-than-expected short-term Italian debt sale is wearing off for the EURO Wednesday, with the European currency falling below $1.30 and markets beginning to question whether investors would greet Thursday’s 10-year debt sale with the same enthusiasm.
GBP/USD ANALYSIS
Opened in early Europe at $1.5657 and stg0.8342. GBP posted session highs in NY yesterday of $1.5681 which saw the pair extend gains for the 2nd consecutive day. The rate ran into strong headwinds and eased to $1.5656 around the close.
EURO ANALYSIS
The EUR advanced modestly Tuesday, levitating above an 11-month low as thin holiday trading and a dearth of bad news about Europe’s debt woes made investors momentarily unwilling to probe its downside.
Market Review
USD – The greenback is little changed despite the upbeat December Conference Board Consumer Confidence data (64.5 in Dec vs MNI median at 59.0). Market continues to eye US stocks. More sizable stock gains would be deemed risk friendly, which is likely to underpin the euro and other currencies, rather than the USD.
US Summary
Ahead of holidays and the year-end, the few traders manning their desks Friday didn’t make many moves. Ten-year Italian bond yields once again climbed above 7%, helping keep the EUR in check against the USD and JPY. The common currency remains relatively range-bound just north of the psychologically important $1.30 level.