Currency Market Updates - Sterling Rally Muted


	Currency Market Updates - Sterling Rally Muted

ryder99

7-1-2009 6:49 AM

81 views

tags:

weak gdp data, currency market updates

ryder99 says:

The trend at the moment for sterling is a roller coaster in the face of weak GDP data which was the worst for over 50 years.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/a2a068a6-6863-4f05-916d-12142e4b63ba/FB54A717-4AF7-4759-94C3-28EE8565AA1D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://currencymarketupdates.com/" href="http://currencymarketupdates.com/" style="font-size: 11px;">currencymarketupdates.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://currencymarketupdates.com/"><H2><A rel="bookmark" href="http://currencymarketupdates.com/currency-market-updates-2">Currency Market Updates</A></H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://currencymarketupdates.com/"><SPAN>Sterling Rally Muted Again</SPAN></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://currencymarketupdates.com/"><P>
July 1, 2009</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://currencymarketupdates.com/"><P>
Well yesterday certainly started well for sterling as it crashed through 1.66 against the USD and pushed over 1.18 against the euro. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://currencymarketupdates.com/"><P>
Unfortunately, as has been the trend for sterling this did not last; in fact the rally was reversing ahead of the UK GDP data for the first quarter. The release of the data only catalysed the reversal. GDP came in at -2.4% which is the sharpest decline for over 50 years bringing in the annual fall to 4.9%. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://currencymarketupdates.com/"><P>
The weak data for the UK helped the USD in particular in morning trading as the rate retraced from 1.675 to 1.66 by later morning. US consumer confidence data dropped to 49.3 in June from 54.8 in May- a bad number which exasperated a move into risk aversion started by weak UK GDP data. This led to further USD gains as Wall Street dipped on a sombre note and pushed cable down to 1.64. <A href="http://www.ino.com/info/196/CD3380/quotes.ino.com%2Fanalysis%2Ftrend%2F?symb=FOREX_GBPEUR">GBP/EUR</A> 
 also fell below 1.17 helped by better than expected German unemployment data.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://currencymarketupdates.com/"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/currencymarketupdates.com/img/CFBB580C-92B2-49DE-97DF-24FB94A3701A" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://currencymarketupdates.com/"><P>
<STRONG>Report by Phil McHugh</STRONG></P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://currencymarketupdates.com/"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/currencymarketupdates.com/img/6A595821-FB2B-47B5-A73F-7CBB994C6CB0" alt="" /></div></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/FB54A717-4AF7-4759-94C3-28EE8565AA1D/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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