Currency Market Updates

USD Shines After Positive Minutes

Yesterday the markets digested the minutes of the February interest rate meetings for both the UK and the US. Forecasts for the US economy reflect a more bullish tone from the Fed.

Euro Pain Continues…

The yield on Greek government debt continued to rise, while Spain’s unemployment rate worsened giving the euro a hard time in the markets.

We Are Waiting for the UK and US GDP Data

There is little economic data today, therefore the markets will be left to their own devices for the next couple of trading sessions. The re-appointment of the dovish Ben Bernanke is seen as vital for the continuation of growth in the US economy going forward.

Sterling Eyes 1.15 Against The Euro

Sterling is continuing its rally against the euro but has fallen back against other major currencies. GBP/EUR is pushing up and has already hit the key 1.15 level in trading today as the euro is pummeled against the major currencies. Later today we have US PPI and housing starts as well as earnings from various financial entities including Northern Trust, State Street, US Bancorp, Morgan Stanley and Wells Fargo.

Sterling Strides Ahead in 2010

There are prospects for a Bank of England interest rate rise in 2010 and the official UK inflation data certainly offers the Bank of England something to think about in early Feb.

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