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The dollar surged higher in early N.Y. trade, as the ECB surprised the market, and cut interest rates by 0.25 %. EUR-USD gapped to 1.3354 from over 1.3500 immediately after the rate cut, and after the better U.S. GDP print, but in a base of 1.3295. The greenback moved broadly higher after the rate cut, posting gains versus all the major currencies. Read more
Yesterday the Conference Board released the Index of Leading Economic Indicators for September, which had been delayed due to the government shutdown affecting data releases last month. The index rose 0.7 for the second month in a row, and had its highest YOY reading in two years. Read more
The FX majors held their ground ahead of today's key event risks, which included rate decisions from the BoE and ECB, along with U.S. advance Q3 GDP and jobless claims data. EUR held the 1.3500 level throughout the session following yesterday's move towards 1.3550, while Cable marked time just under 1.6100 amid a slightly improved EUR-GBP tone. Read more
The FX majors held their ground ahead of today's key event risks, which included rate decisions from the BoE and ECB, along with U.S. advance Q3 GDP and jobless claims data. EUR held the 1.3500 level throughout the session following yesterday's move towards 1.3550, while Cable marked time just under 1.6100 amid a slightly improved EUR-GBP tone. Read more
FX trade was largely quiet in N.Y. on Wednesday, as the market prepped itself for Thursday's ECB meeting. There was a brief flurry in EUR-USD when MNI reported ECB sources to have said there would be no rate cut on Thursday, which resulted in a modest euro rally. Read more
Risk appetite picked up during the European morning after a mixed overnight session. GBP added to Tuesday's gains after U.K. manufacturing and production data beat expectations, which lifted Cable above 1.6100 and left EUR-GBP heavy below 0.8400. EUR benefited from an upward revision in Eurozone composite PMI, although it was still down from September and the national readings were mixed. Read more
The FX majors consolidate in Asia and were largely unchanged from Tuesday's N.Y. closing levels. Good U.S. data revived expectations that the Fed could taper policy in December, which provided a modicum of support for the dollar on dips, though larger flows were still minimal ahead of Thursday's ECB policy outcome and key U.S. Read more
Thanks to a period of forced austerity, the UK economy experienced very slow growth, as shown in the following chart: From the end of 2011 to the first quarter of this year, the best rate of annual growth for the UK economy was 1.1%. However, also notice that over the last two quarters we’ve seen a marked acceleration of growth, with the annual rate printing at 1.3% and 1.5% in the last two readings. Read more
The dollar firmed up versus most major currencies in N.Y. trade on Tuesday, as EU growth projections were trimmed, and EU PPI softened further. In addition, U.S. non manufacturing ISM printed better than expected levels, Wall Street took Europe's losing lead early on, though managed to recover later in the session on the back of the improved ISM. Read more
The major movement in the European morning session went through GBP after U.K. services sector PMI jumped to a sixteen-year high at 62.5 in October. Cable rallied out of 1.5950 to 1.6062 highs and dragged EUR-USD up from 1.3480 to 1.3500, while AUD-USD recovered from 0.9470 back over 0.9500. Read more
