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Posted December 31st, 2012 by Charles Purdy

Smart Daily Currency Note | Markets grow nervous as fiscal cliff deal remains unsolved

GBP/USD – 1.6162

Sterling enjoyed a more positive day on Friday, recovering some of the losses seen earlier in the week. Despite Tuesdays bank holiday for New Year’s Day, there is quite a lot of data released this week including the influential Purchasing Managers’ Index (PMI) figures which come out from the manufacturing, construction and services sectors on consecutive days. We also have housing data, information on the supply of money and the net lending to individuals; furthermore, the Bank of England will release its findings from a survey regarding the current credit conditions in the UK. Trading volumes across the global markets will remain extremely low with bank holidays from different nations spread across the first 4 days of the week; so, expect volatility to remain high and price moves to be over-exaggerated. Call in now to speak to your trader.

The US dollar faired relatively well on Friday as the markets grew nervous that no deal has been sorted to avoid the so-called fiscal cliff. The President has also now admitted that a failure to resolve the fiscal-cliff situation would hurt the financial markets. Developments over the weekend suggest that there is now a greater chance of a deal being struck that will prevent tax hikes automatically coming into effect from January 1st. Much better than expected housing data was released on Friday revealing that there are 1.7% more homes pending sale compared to last month when a 0.3% drop had been anticipated. This week we will see a lot of data released including manufacturing and non-manufacturing PMI data. We will also have the minutes from the latest monetary policy committee meeting of the Federal Open Market Committee where they announced that it will continue to keep monetary policy loose until the labour market shows significant signs of recovery. There is also a raft of employment related data released this week, culminating with the highly influential Non-farm employment data released on Friday. Get in touch now for a live price and to see if the US can avoid tumbling off the so-called fiscal cliff.
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Posted December 28th, 2012 by Charles Purdy

Smart Daily Currency Note | Obama pushes interim deal to save US falling back into recession

GBP/USD – 1.6162 Sterling enjoyed a more positive day on Friday, recovering some of the losses seen earlier in the week. Despite Tuesdays bank holiday for New Year’s Day, there is quite a lot of data released this week including the influential Purchasing Managers’ Index (PMI) figures which come out from the manufacturing, construction and  Continue Reading…

Posted December 24th, 2012 by Charles Purdy

Smart Daily Currency Note | A day of two halves for sterling at the end of last week

GBP/USD – 1.6195 It was a day of two halves for sterling on Friday, remaining fairly range bound against most of its major peers until the early afternoon when increased levels of risk-aversion saw a significant shift in favour of the traditional safe haven currencies. Increasing concern that deficit-reduction talks are not doing enough to  Continue Reading…

Posted December 21st, 2012 by Charles Purdy

Smart Daily Currency Note | Christmas spirit favours the euro, will this last?

GBP/USD – 1.6251 Overall it has been a reasonable week for sterling. Although it touched a two month low of 1.224 against the euro, it has made strong gains against other major currencies. Wednesday saw sterling buy more dollar than at any point since September, hitting 1.6307, although this can probably be put down to  Continue Reading…

Posted December 20th, 2012 by Charles Purdy

Smart Daily Currency Note | Euro strengthens, US dollar weakens

GBP/USD – 1.6254 During the course of yesterday sterling reached a three month high against the US dollar peaking at 1.6307; but, dropped to a two month low of 1.2240 against the euro. The Monetary Policy Committee meeting minutes revealed the members voted 8-1 against an increase in quantitative easing with one member voting for  Continue Reading…

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