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Forex News | Currency News by Forexlive
Euro sterling giving back some of its gains as the euro sterling trade rumours resurface
Having traded as high as 0.9135 when the ECB tender went through it has slipped lower to around 0.9100. The move higher also thwarted by decent selling interest at the 0.9140 level. The downside should hold with buying interest at 0.9080
David Miles a member of the Bank of England’s Monetary Policy Committee (MPC) on QE
says the effectiveness of QE cannot be judged by looking at intermediate money supply targets, evidence has to be seen across the board that QE is having an effect. It is not possible to feel very confident about the precise impact of QE because if it is irreversible that would be the main reason to go slowly. The timing of reversing would depend on the economic outlook and prevailing financial market conditions and need not be at the same pace at which it was built up.
Euro dollar makes a high of 1.4673 following the ECB tender Euro sterling a high of 0.9116 on this move
Swiss Kof Leading Indicator higher at +0.85 in Sept from -0.04 in August, expectations were +0.50
This was the biggest monthly jump on record
Euro dollar hits high of 1.4666 after ECB 1 year tender
The ECB will lend banks Euro 75.241 bio in the second of its planned 3 one year refinancing operations. This fell well short of the Euro 135 bio the market had been expecting. It suggests banks may now have greater confidence in their liquidity needs and are no longer as dependant on the ECB for funding. For markets it could mean tighter liquidity conditions.
Euro sterling at 0.9115
Italian CPI for Sept -0.2% m/m from +0.3% in August +0.2% y/y from +0.1%
Italian preliminary HICP for Sept +0.6% m/m +0.3% y/y from +0.1% m/m +0.2% y/y the previous month in line with expectations
Japanese Finance Minister Fujii says he has no plans to raise the rise of the Yen at G7
He will tell G7 that Japan sees global co-operation as important and that Japan will pursue domestic demand led growth. He reiterates G7 still has a role to play
Gold having a strong morning now back above 1,000 on this weakening dollar move
Dollar falls to 89.40 against the yen
filling orders from around the 89.55 area but meets with resistance here as stronger paying interest emerges. Dollar also falling against the euro to 1.4635 and sterling 1.6090. There are small offers in the Euro at 1.4650 with stops lurking a little higher at around 1.4675.
UK Services Sector Output -0.2% 3m/3m in July from -0.6% in 3m to June
Q2 productivity +0.3% q/q, the highest since Q1 2008, -3.9% from a year ago
the data showed output as steady in July and productivity higher.
Sterling on the news unchanged trading at 1.6072/76
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