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Daily Market Report: Forex
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Sterling rose against the dollar after BOE says that the UK recession was nearing a trough
Thu, Jun 11 2009, 15:50 GMT
by ICICI Bank Treasury Research Group
- Rupee ended lower owing to strong dollar demand from oil companies. Rupee had opened slightly lower at 47.30 noting the weakness in Asian currencies against the Dollar but extending losses noting the fall in local shares. Rupee movement remained volatile following the movements of the share markets. USD/INR pair ended at 47.61 from 47.24 yesterday.
- The 6-month and 1-year forward premiums closed at 2.86% and 2.42% as compared to 2.84% and 2.41% yesterday.
- Sterling rose against the dollar after BOE member Sentance stated that there were encouraging signs that the UK recession was nearing a trough. Dollar had come under pressure in the morning session owing to rise in Treasury yields on reports that BRIC nations had announced plans to move from US denominated bonds to purchase IMF bonds. Rise in UK May CPI expectation helped the currency to strengthen against the greenback. The data print also led the pound to rise to a 6-month high of 0.8502 against the euro. Pound has since pared some of its gains against the greenback ahead of the release of US retail sales data. EUR/USD was at 1.3987 from 1.3984 yesterday and GBP/USD was at 1.6445 from 1.6359 yesterday. USD/JPY was at 98.22 versus 98.12 yesterday.
Published on Thu, Jun 11 2009, 15:53 GMT
Archive
- Sterling rose against the dollar after BOE says that the UK recession was nearing a trough
Published On Thu, Jun 11 2009, 15:50 GMT - The Dollar weakened against majors on easing risk aversion
Published On Tue, Jan 27 2009, 16:16 GMT - The Sterling gained against the greenback
Published On Fri, Jan 16 2009, 14:16 GMT - The Sterling fell as plummeting exports resulted in record trade deficit for UK in November ‘08
Published On Tue, Jan 13 2009, 14:55 GMT - The Euro remained under pressure as the markets await the ECB rate decision
Published On Mon, Jan 12 2009, 15:15 GMT
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