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Sterling rockets after good housing data and a weak Dollar
Tue, Jun 30 2009, 11:30 GMT
by Benny Menashe
| EUR/USD | USD/JPY | GBP/USD | USD/CHF | |
| 1.4255 | 96.65 | 1.6935 | 1.103 | |
| Resistance | 1.418 | 96.35 | 1.679 | 1.102 |
| 1.4155 | 95.85 | 1.6745 | 1.0915 | |
| 1.407 | 95.35 | 1.662 | 1.0635 | |
| Support | 1.398 | 94.9 | 1.6585 | 1.059 |
| 1.389 | 94.45 | 1.651 | 1.0485 |
The British Pound hit its highest level of the year against a basket of major currencies on Tuesday today, boosted a rise against the greenback earlier in the day. The GBP/USD was boosted after data showing that UK house prices rose for the second month in a row in June and posted their smallest annual fall in nearly a year suggested that the ailing UK housing market may be stabilizing. The view is also that U.S. interest rates will probably stay low for a while thus prompting some investors to look elsewhere for riskier assets that may offer more returns. Analysts said that movements were being driven by short term speculators, while others in the market said that Middle Eastern investors were buying sterling against the greenback. The GBP/USD is currently trading at $1.6690 as of 8:59am, London Time.
The greenback weakened against the euro as European and Asian stocks gained on speculation the global recession is slowing, damping demand for the U.S. currency as a refuge or safe haven. The dollar declined against most currencies before a U.S. report that economists say will show consumer confidence rose, giving investors more confidence to buy higher yielding assets. The JPY gained against the euro and rose versus the dollar on speculation investors reduced bets Japan’s currency will weaken before the Bank of Japan’s quarterly Tankan survey tomorrow. “The risk potential in terms of growth is to the upside and that’s supporting risk-taking,” said Lee Hardman, a currency strategist in London at Bank Tokyo-Mitsubishi UFJ Ltd. “There’s potential for risk assets to extend higher.” The EUR/USD is currently trading at $1.4110 as of 9:17am, London Time.
The Swiss franc fell to session lows against the dollar and euro last Thursday on rumors from currency traders that the Swiss central bank was selling francs. Several traders cited talk the Swiss National Bank was selling francs for euros and dollars on Thursday, possibly via the Bank for International Settlements.Both the SNB and BIS declined to comment. The market is still jittery a day after traders said the Swiss central bank had intervened to weaken the Swiss currency. The SNB repeatedly intervened in the currency market on Wednesday, traders said, giving a stark reminder that it is determined to fight deflation risks by preventing a rise in the Swiss franc. The USD/CHF is currently trading at 1.8000 as of 9:22am, London Time.
Today's Economic Events
| Time | Event | Currency/Country | Period | Previous | Forecast | Significance | Actual |
| 23:50 | Loans & Discounts Corp (Y-o-Y) | Japan | Yearly | 3 | 2 | ||
| 23:50 | Tankan Large Mfrs Index | Japan | -58 | 2 | |||
| 23:50 | Tankan Large Mfrs Outlook | Japan | -51 | 3 | |||
| 23:50 | Tankan Non-Mfrs Index | Japan | -31 | 2 | |||
| 23:50 | Tankan Large All Indust Capex | Japan | -6.6 | 2 | |||
| 23:30 | AiG Performance of Mfg Index | Australia | 37.5 | 3 | |||
| 21:00 | ABC News Consumer Confidence Index | United States | -53 | 4 | |||
| 14:00 | NAPM - Milwaukee | United States | 43 | 4 | |||
| 14:00 | Consumer Confidence Index | United States | 54.9 | 55.1 | 2 | ||
| 13:45 | Chicago PMI | United States | 34.9 | 38.8 | 2 | ||
| 13:00 | S&P/Case-Shiller Composite-20 (Y-o-Y) | United States | Yearly | -18.7 | 4 | ||
| 13:00 | S&P/Case-Shiller Home Price Index | United States | 139.9 | 2 | |||
| 12:30 | GDP (M-o-M) | Canada | Monthly | -0.3 | 3 | ||
| 12:30 | Raw Materials Price Index (M-o-M) | Canada | Monthly | -0.5 | 3 | ||
| 12:30 | Industrial Product Price (M-o-M) | Canada | Monthly | 0.5 | 4 | ||
| 11:00 | GDP (Q-o-Q) | Ireland | Quarterly | -7.1 | 2 | ||
| 11:00 | GDP (Y-o-Y) | Ireland | Yearly | -7.5 | 3 | ||
| 9:00 | PPI (M-o-M) | Italy | Monthly | -0.5 | 2 | ||
| 9:00 | PPI (Y-o-Y) | Italy | Yearly | -5.3 | 3 | ||
| 9:00 | CPI (NIC incl. tobacco) (M-o-M) | Italy | Monthly | 0.2 | 4 | ||
| 9:00 | CPI (NIC incl. tobacco) (Y-o-Y) | Italy | Yearly | 0.9 | 4 | ||
| 9:00 | CPI - EU Harmonised (M-o-M) | Italy | Monthly | 0.2 | 3 | ||
| 9:00 | CPI - EU Harmonised (Y-o-Y) | Italy | Yearly | 0.8 | 2 | ||
| 9:00 | Industrial Production (Y-o-Y) | Cyprus | Yearly | -5.1 | 3 | ||
| 9:00 | Industrial Production (Y-o-Y) | Portugal | Yearly | -9.9 | 3 | ||
| 9:00 | Industrial Production (M-o-M) | Portugal | Monthly | -0.54 | 2 | ||
| 9:00 | Retail Trade (Y-o-Y) | Portugal | Yearly | -2.2 | 2 | ||
| 8:30 | Total Business Investment (Q-o-Q) | UK | Quarterly | -5.5 | 4 | ||
| 8:30 | Total Business Investment (Y-o-Y) | UK | Yearly | -6.8 | -6.8 | 3 | |
| 8:30 | Retail Trade (M-o-M) | Slovenia | Monthly | 7 | 2 | ||
| 8:30 | Retail Trade (Y-o-Y) | Slovenia | Yearly | -4.2 | 2 | ||
| 8:30 | CPI (M-o-M) | Slovenia | Monthly | 0.6 | 2 | 0.50% | |
| 8:30 | CPI (Y-o-Y) | Slovenia | Yearly | 0.7 | 3 | 0.30% | |
| 8:00 | M3 Money Supply (3M) | Eurozone | 5.2 | 3 | |||
| 8:00 | M3 Money Supply (Y-o-Y) | Eurozone | Yearly | 4.9 | 3 | ||
| 8:00 | M2 Money Supply (Y-o-Y) | Czech Republic | Yearly | 7.9 | 3 | ||
| 8:00 | Retail Sales (M-o-M) | Norway | Monthly | 1.5 | 2 | 0.90% | |
| 8:00 | Current Account Balance - BoP | €/Slovakia | 2 | -576.4 | |||
| 8:00 | Capital Account Balance - BoP | €/Slovakia | 2 | 253 | |||
| 8:00 | Financial Account Balance - BoP | €/Slovakia | 613.1 | 4 | |||
| 8:00 | Financial Account Balance - BoP | €/Slovakia | 4 | 613.1 | |||
| 7:55 | Unemployment Rate | Germany | 8.2 | 8.3 | 2 | ||
| 7:55 | Unemployment Change | Germany | 1 | 42 | 3 | ||
| 7:30 | Retail Sales (M-o-M) | Sweden | Monthly | 4.4%(R+) | 2 | 0.20% | |
| 7:30 | Retail Sales (M-o-M) | Sweden | 3.50% | 1 | |||
| 7:30 | Current Account Balance - BoP | €/Hungary | -2.58 | 2 | |||
| 7:30 | Capital Account Balance - BoP | €/Hungary | 78.1 | 2 | |||
| 7:30 | Financial Account Balance - BoP | €/Hungary | 9.57 | 4 | |||
| 7:30 | Current Account Balance - BoP | €/Spain | -6.55 | 2 | -3.49 | ||
| 7:00 | Financial Account Balance - BoP | CHF/Switzerland | 0.7 | 4 | 16.5 | ||
| 6:45 | Housing Starts (3M-o-Y) | France | 2 | ||||
| 6:45 | Housing Permits (3M-o-Y) | France | -22.6 | 2 | |||
| 6:45 | PPI (Y-o-Y) | France | Yearly | -6.4 | 3 | ||
| 6:00 | UBS Consumption Indicator | Switzerland | 0.92 | 2 | |||
| 6:00 | Nationwide House Prices (M-o-M) | UK | Monthly | 1.2 | -0.4 | 3 | |
| 6:00 | ILO Unemployment Rate | Germany | 7.7 | 2 | 7.70% | ||
| 5:30 | Private Sector Credit (M-o-M) | Australia | Monthly | 0.1 | 0.2 | 4 | |
| 5:30 | Private Sector Credit (Y-o-Y) | Australia | Yearly | 4.6 | 4.2 | 4 | |
| 5:00 | HIA New Home Sales (M-o-M) | Australia | Monthly | 0.5 | 4 | ||
| 5:00 | Small Business Confidence Indicator | Japan | 34.1 | 2 | |||
| 5:00 | Housing Starts (Y-o-Y) | Japan | Yearly | -32.4 | -28.2 | 2 | -30.8 |
| 5:00 | Annualized Housing Starts | Japan | 0.779 | 2 | |||
| 5:00 | Construction Orders (Y-o-Y) | Japan | Yearly | -25.9 | 2 | ||
| 4:00 | Retail Sales (M-o-M) | Germany | Monthly | 0.5 | 2 | ||
| 4:00 | Retail Sales (Y-o-Y) | Germany | Yearly | -0.8 | 3 | ||
| 4:00 | Official Foreign Reserves | A$/Australia | 52.2 | 3 | |||
| 4:00 | Current Account Balance - BoP | €/Ireland | -133 | 2 | |||
| 4:00 | Financial Account Balance - BoP | €/Ireland | -3.6 | 4 | |||
| 4:00 | Capital Account Balance - BoP | €/Ireland | 1 | 2 | |||
| 4:00 | Official Foreign Reserves | $/Mexico | 81.69 | 3 | |||
| 4:00 | Official Foreign Reserves | $/United States | 81.69 | 3 | |||
| 4:00 | Current Account Balance - BoP | $/India | -14.6 | 0.3 | 2 | ||
| 4:00 | M2 Money Supply (Y-o-Y) | Norway | Yearly | 1.9 | 3 | ||
| 4:00 | Current Account Balance - BoP | €/Luxembourg | 260 | 2 | 891 | ||
| 4:00 | Capital Account Balance - BoP | €/Luxembourg | -45 | 2 | -92 | ||
| 4:00 | Financial Account Balance - BoP | €/Luxembourg | -287 | 4 | -1071 | ||
| 4:00 | Financial Account Balance - BoP | €/Austria | -5.8 | 4 | -2.15 | ||
| 4:00 | Current Account Balance - BoP | €/Austria | 2.69 | 2 | 3.23 | ||
| 4:00 | Capital Account Balance - BoP | €/Austria | -32 | 2 | -86 | ||
| 3:00 | NBNZ Business Confidence | New Zealand | 1.9 | 2 | |||
| 1:30 | Private Sector Credit (M-o-M) | Australia | Monthly | 0.1 | 0.2 | 4 | |
| 1:30 | Private Sector Credit (Y-o-Y) | Australia | Yearly | 4.6 | 4 | ||
| 1:30 | HIA New Home Sales (M-o-M) | Australia | Monthly | 0.5 | 4 | ||
| 1:30 | Labor Cash Earnings (Y-o-Y) | Japan | Yearly | -2.7 | -3 | 2 | -2.9 |
Published on Tue, Jun 30 2009, 11:45 GMT
Archive
- The Dollar drops as investor view the FED's stimulus to continue well into 2010
Published On Fri, Nov 6 2009, 09:00 GMT - The Dollar falls as the FED keeps interest rates at an all time low
Published On Thu, Nov 5 2009, 07:15 GMT - The Dollar rises as banking concerns halt risk demand amongst investors
Published On Wed, Nov 4 2009, 11:26 GMT - The UK government may buy extra shares in RBS and Lloyds
Published On Mon, Nov 2 2009, 09:16 GMT - USD tumbles along with JPY as better than expected GDP figures
Published On Fri, Oct 30 2009, 11:18 GMT
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