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Posted December 24th, 2015 by Charles Purdy

Mixed fortunes for the US dollar

It was a mixed day for the US dollar on Wednesday, with various data releases, yielding both positive and negative results. The figure for Durable Goods Orders contracted for the first time in two months, with Personal Income data achieving better than expected results. The Consumer Sentiment data was also released, showing positive signs for the US dollar and the US economy.

With it being Christmas Eve today, only the weekly labour data is expected to be released from the US, which should be yet another stable figure.

The US dollar is currently experiencing mixed results. Contact your trader in the run up to the Christmas break to find out the latest rates and discuss your currency strategy.

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Posted December 24th, 2015 by Charles Purdy

Good news for the rouble and interesting developments in Japan

The rouble fared well yesterday, with energy companies advancing 2.5% as oil ended its five day drop. As a result, the rouble gained 1.6% against the US dollar and is currently trading at a weekly high.

Last night we also saw the release of the Monetary policy meeting minutes in Japan….  And the household spending data is out late tonight.

Are you looking to buy currencies? Contact your trader in the run up to the festive break for the latest rates, news and to discuss appropriate currency strategies.

Posted December 23rd, 2015 by Charles Purdy

Sterling slumps further

Sterling was one of the worst performing currencies during Tuesday’s trading session, with the Sterling Currency Index (sterling against a basket of major currencies) aggressively hit and falling by 0.62%. Although the UK GfK Consumer Confidence result came in at 2, as opposed to the expected 1, the main driver of the poor performance was the November Public Sector Net Borrowing figure. The deficit was already expected to come in at £11.1 billion – a poor result when compared to the October figure of £6.7 billion – but was actually revealed to be a much higher deficit of £13.6 billion; a huge shortfall between tax receipts and spending caused sterling to drop against all of the sixteen most actively traded currencies.

Wednesday sees a number of further fundamental indicators: the Gross Domestic Product (GDP) release, expected to remain constant at 0.5%; Total Business Investment data, which is again expected to remain constant at 2.2%; Index of Services data (a small decrease from 0.7% to 0.6% is anticipated); and the Current Account data, where a decrease is forecast from -£21.5bn from -£16.7 billion. We shall see whether any positive news will be able to stop this most recent slump for the UK currency.

Sterling is struggling in the current market. Contact your trader today to see how this affects you and to plan an appropriate currency strategy.

Posted December 23rd, 2015 by Charles Purdy

An upbeat euro in the run up to the festive season

Although the festive holidays are edging ever nearer, the euro has managed to improve its position before the end of the year. Investors thought the sentiment surrounding the euro would be vulnerable after inconclusive elections in Spain over the weekend sparked political concerns, but we have seen the opposite happen, as the single currency strengthened against its two major trading partners; the US dollar and sterling.

Preliminary Gross Domestic Product (GDP) and Consumer Spending figures from France were released yesterday, but they are only an early indicator, and as such have made little contribution to currency rate movement. This is the final snippet of data until Christmas, so we should expect minimal movement over the next two days.

We anticipate a quieter time for the euro over the festive period, so this is a good time to review your currency strategy and get in touch with your trader for the latest developments.

Posted December 23rd, 2015 by Charles Purdy

Positive news for the US dollar

Positivity continued to surround the US dollar on Tuesday, as the currency continued to strengthen against the majority of its peers. Final Gross Domestic Product (GDP) figures released yesterday showed a drop compared to the previous figure, but this beat expectations of a harsher fall, so was largely viewed as positive news for the US economy and its currency.

Today we can look forward to durable goods orders which is just about expected to post growth with personal income and personal spending following this release. Where Personal Spending is expected to post better than the previous months growth, Personal Income is expected to fall just short.

If you are looking to buy or sell US dollars, keep an eye on the current rates as the year starts to draw to a close – contact your trader today for live rates, news and to discuss currency strategies.

Posted December 23rd, 2015 by Charles Purdy

Canada hopes for good news

There was no data released for Canada yesterday, but today could be busy for the Canadian dollar, as we await the release of both the Core Retail Sales and Gross Domestic Product (GDP) figures. Both yielded disappointing results last time, at -0.5%, and it was the third month in a row that the retail sales result had failed to meet expectations. Canada will hope for some better results at the end of this year, which has otherwise been a big disappointment, with Canada’s currency and stocks performing poorly overall.

Are you looking to buy currencies? With further movement expected across the major global currencies, contact your trader for the latest rates, news and to discuss appropriate currency strategies.

Posted December 22nd, 2015 by Charles Purdy

Rate spikes bad news for sterling?

As we move towards the festive period, liquidity, the volume of trade taking place, has become the driver of much market action; this can mean that rate spikes are on the cards.

Sterling declined by around 0.6% against the euro on Monday afternoon, most likely a response to the Confederation of British Industry (CBI) Distributive Trade Survey; an indicator of short-term trends in the UK retail and wholesale distribution sector. The survey was expected to generate a reading of 21, but fell short at 19, but positive in comparison to a figure of 7 in November, and while the fundamentals still look largely healthy for customers, consumer confidence has come off since mid-year peak levels.

Tuesday sees two major data releases; the GfK Group Consumer Confidence (a leading index measuring consumer confidence in economic activity) and the Public Sector Net Borrowing data (capturing the amount of new debt help by UK governments). While the Consumer Confidence figure is expected to remain stable, Net Borrowing is anticipated to increase from £7.47 billion in October 2015 to £11.00 billion – a negative indicator for both sterling and the UK economy.

Sterling is seeing significant movement in response to economic and market events. Contact your trader today for live rates, the latest news and to plan your currency strategy.

Posted December 22nd, 2015 by Charles Purdy

Positive sentiment for the euro and European economy

It was a fairly positive day for the single currency on Monday, as European Consumer Confidence data came out better than in the previous month, moving up from -6.1 to -5.7. This is still a negative figure, but there has been a welcome improvement in the European economy over the last few months.

The euro also hit its highest level against sterling since October, a movement that was down to both sterling weakness and euro strength, which is why we have seen a gradual but consistent strengthening for the single currency over the last few weeks.

This morning, Consumer Confidence data from Germany will be released, but it is not expected to be a major announcement; and the rest of the week is looking quiet for the euro, so we expect the market to quieten down as the week draws to an end.

If you need to buy or sell euros, contact your trader for the latest rates and market news, and to discuss an appropriate currency buying strategy.

Posted December 22nd, 2015 by Charles Purdy

All quiet in America

It was a quiet start to the week for the US dollar, with no notable data released. In the countdown to Christmas, we can expect Final Gross Domestic Product (GDP) figures today, expected to be revised down on the previous release; however, this is still expected to show positive growth. It will be interesting to see what the reality will be in terms of future interest rate rises, and what this could mean for the US dollar longer term.

If you are buying or selling US dollars, make the most of this quieter time for the US currency and take the opportunity to discuss your 2016 currency strategy with your trader.

Posted December 22nd, 2015 by Charles Purdy

Spill in crude oil prices spells good news for India

The Indian rupee reached a one-month high yesterday, as the plunging price of Brent crude oil will, in theory, cut the nation’s current account deficit. Having oil at an 11-year low certainly benefits India, which imports three quarters of their oil requirement. As a result, the Rupee strengthened for a fifth consecutive day, and many banks, including ANZ and Morgan Stanley, expect the Indian currency and its economy to outperform other Asian economies in 2016.

Are you looking to buy or sell currencies? Contact your trader for live rates, the latest market news and to discuss currency purchasing strategies.

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