Currency Market Updates

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.

Aussie Shines & USD Weakens Further

The big winner in the markets was again the Aussie. The catalyst was better than expected jobs data; the unemployment rate dropped to 5.5% from 5.8% from the month earlier as the number of people in work rose by 35,200 in December.
Australia is the stand out performer of G20 nations and has rallied on stronger commodities and increased demand from China.

Sterling Weakens as Aussies Push Forward

Yesterday sterling weakened after the release of the Quarterly Inflation report and the accompanying speech by Mervyn King. the Australian economy is still driving forward with the unemployment rate holding at 5.8%.

Tough Decision for the Bank of England

UK Nationwide Consumer Confidence remains unchanged from September leaving the MPC with a tough decision tomorrow. Tomorrow the MPC will meet for their monthly meeting to decide whether to pump billions more into the economy or hold fire. With unemployment reaching 3 million its a tough decision.

Why is Sterling Up Today?

Could it be that the opinion of Goldman Sachs that sterling is undervalued is psychologically underpinning the pound? Is it also the case that the worst is now behind the UK economy?

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