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GBP and EUR lower, UK bailout may top GBP 60 billion

Mon, Apr 20 2009, 12:24 GMT
by Michael J. Malpede

Easy Forex


FX Highlights

  • Japan may issue ¥3.5 Trillion in deficit bonds, JPY and USD higher tracking weaker equity markets, with GBP pressured by rising cost of UK bailout and EUR pressured by ECB President Trichet’s comments hinting that the ECB will cut interest rates 25 basis points in May and implement unconventional measures

  • UK April Righthouse asking prices rise 1.8%, UK Chancellor Darling will state that UK recession will end this year when he delivers the UK budget Wednesday, full cost of bailout may amount to GBP 60 bln, GBP sharply lower

  • ECB President Trichet says further rate cuts will be measured, ECB’s Bini Smaghi says deflation risk must not be overstated, he expects recovery in 2010, DIHK says German business expectations at record low, BBK says German recession has intensified, EUR lower pressured by speculation ECB members are divided over ECB policy outlook

  • WSJ reports that China plans to increase its European investments

  • OECD sees extreme uncertainty for world economy

  • Australia's Q1 final goods PPI falls 0.4%, AUD lower pressured by concern about continued global economic decline

  • U.S. Treasury Secretary Geithner expects no second wave of banking collapses, the Washington Post reports that GM bankruptcy is a possibility

  • US equity markets set to open sharply lower, European equities closed lower, Nikkei closed 17 points higher


Upcoming Events

  • US –Monday, March leading economic indicators are due for release expected at -0.2% compared to - 0.4% last month

  • CAN-Monday, net foreign investments for February are due for release expected at C$9 bln compared to C$10.43 bln last month

Published on  Mon, Apr 20 2009, 12:26 GMT


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