At the time of writing
Euro-dollar is trading 1.4634/37, Sterling is 1.5934/38 Dollar-yen is bouncing around the 89.90/93 mark. On Monday
the pound dropped further as it emerged that Mervyn King had just visited Sweden, where it’s central bank has imposed a negative interest rate policy on its banking system. The US Dollar has been weighed by investor risk taking, as the World Bank sees viable alternatives for a reserve
currency. Euro strength has been reduced as the outlook for ECB rate hikes diminish. Japanese Yen is extremely volatile as Finance Minister’s stance on intervention has been extremely unclear.
Due for release today there is the GBP Gross Domestic Product, GBP Current Account, GBP Mortgage approvals, GBP Net Consumer Credit, EUR Euro-Zone Economic Confidence, EURO Euro-Zone Business Climate Indicator, EURO Euro-Zone Consumer Confidence, USD Consumer Confidence and JPY Industrial Production.
By Greg Secker
