Tags Posts tagged with "Forecasts"


Cable extended a strong rally today as traders welcomed a neutral statement from the Bank of England’s monetary policy committee. Interest rates were kept fixed at 0.5 percent – a decision that was widely anticipated.

Improvements in the US jobs markets helped firm up the dollar today. The JOLTS report, released monthly by the Department of Labor, showed a record high number of job opening in July.

UK manufacturing activity fell in July according to recent figures. Manufacturing production fell by 0.8 percent in July. Analysts had expected a small rise of 0.2 percent on the month, so the release had a negative impact on sterling.

Decent economic news from Germany and the Eurozone gave added support to the single currency. The US dollar was down against the British pound and the euro, but trading higher on the yen.

The British pound was the big mover of the day again benefiting as risk tolerance returns to more normal levels. The VIX index dropped another five points today.

The US dollar was higher against commodity currencies on Monday. The greenback was trading up strongly against the Canadian, the New Zealand dollar and was breaking even on the Australian dollar.

The euro was trading up against the US dollar on Monday. Friday’s US employment figures proved to be unspectacular and gave little support to the greenback. At 173,000 the headline figure for the nonfarm payrolls was firmly at the low end of forecasts.

ECB chair Mario Draghi’s forward assessment for the Eurozone proved to be far more downbeat than markets had expected. In his statement, Draghi predicted that that inflation will remain subdued for “some years” to come and that this is likely to be a threat to future growth in the Eurozone.

Cable continued its bearish trend today pushing down below the 1.53 line. A disappointing outlook on the UK’s service industry was enough to keep the sell orders coming in.

The US dollar was up against the yen, the euro and the Canadian. The greenback edged down against the UK Pound which was oversold following steep declines yesterday.

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