Currency markets range traded for most of yesterday morning as a lack of economic data releases kept focus on commodities and equities and the Euro, after initially losing ground due to weaker manufacturing data, recovered earlier losses.
The dollar received a boost in the afternoon after a drop in gold prices pushed the greenback higher, closing over 0.5% higher versus the pound.
Overnight the trend continued as the Federal Reserve Bank is currently on retreat. The Fed is expected to announce details of further quantitative easing measure aimed at ending the slowing trend in the U.S. economy and restoring the recovery.
Pressure from Asia added to dollar gains versus the euro and the pound after the Japanese government stepped up pressure on the Bank of Japan to action against the Yen’s continued appreciation. The Yen and dollar strengthened as investors began to anticipate future physical intervention by the BoJ.
German GDP revision for the second quarter showed no change to the 2.2% seen previous and gave the euro a brief reprieve although gains have no held. The only other data to be released this morning is European industrial new orders. In the U.S. existing home sales figures are expected later today.
Live IB rates at 10.12 am UK
GBP – EURO 1.219
GBP - USD 1.538
GBP- AUD 1.741
EURO - USD 1.261
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Update By Baydonhillfx
http://www.baydonhillfx.com
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