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13/5/2008 − the current market sentiment
Tue, May 13 2008, 15:05 GMT
by Walid Salah El Din
After yesterday UK April PPI output which reached 7.5% and also the core UK PPI figure which increased by 4.5% y/y and 1% m/m above the market expectations of 3.2% y/y/ and .3% m/m, today April UK RPI which came up by 4.2% y/y and CPI which crept to 3.0% could ensure the inflation pressure at the consuming level too putting pressure on the BOE to stand holding the interest rate unchanged further or at least ease by a gradual careful way which can give some support to the British pound. By god's will, we wait later this week for the most waited BOE quarterly inflation report and the release of UK Labor report of April.
The US core retail sales could give the greenback some support especially versus the Japanese yen which suffers in the times of equity trading cheeriness as it triggers carry trades transaction as the low yield of the Japanese yen which makes it attractive to the investors to sell to take risk in the equity market. The greenback could reach 104.75 versus the Japanese yen after the US core retail sales release which increased by .5% m/m. the broad figure which include the auto sales has declined by .2% and the market was forecasting a drop by just .1%. The market paid much attention to the core figure as usual supporting the greenback this time.
Best wishes
FX Consultant
Walid Salah El Din
E-Mail: mail@fx-recommends.com
Published on Tue, May 13 2008, 15:06 GMT
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