US ($) Currency Thread 2

inspector_monkfish

neilbond007 wrote: »

Morning all!
Looks like now is the time to play my "I'm not in the UK" card with the FF. A poor show!

Great news on the Ashes. Not being able to watch is probably the first time I'm missed the UK Can't beat whipping them Aussies.

Welcome back IM. Looking forward to your completely useless, annoying hourly updates

almost tried the new 'Abuse' button there.....

neilbond007

inspector_monkfish wrote: »

almost tried the new 'Abuse' button there.....

I promise to play nice now...

So, why we plummeting towards 1.64?
You're not on holiday now you know...

Didn't last long did it..

Wirral_Girl

I almost used it too at the thought of no white marks :eek:

DickyP_2

Wirral_Girl wrote: »

I almost used it too at the thought of no white marks :eek:

inspector_monkfish

neilbond007 wrote: »

I promise to play nice now...

So, why we plummeting towards 1.64?
You're not on holiday now you know...

Didn't last long did it..

just low volumes and boredom in the markets it seems...

"we're bored, lets all sell the pound" i can hear our fx traders whispering...



1.6420 trading

but i'd rather talk about the fantasy footy...

DickyP_2

I wouldn't I'm rubbish, not my bag baby. Glad you didn't mind me posting up one of your holiday pics by the way!!

Good to have you back.

inspector_monkfish

DickyP wrote: »

I wouldn't I'm rubbish, not my bag baby. Glad you didn't mind me posting up one of your holiday pics by the way!!

Good to have you back.

thank-you Dicky
i never realised how broad my missus shoulders were....;)


1.6390 trading

inspector_monkfish

down to 1.6350 now

Pound taking a bashing after the news that its gonna cost us £6.4bn in EU contributions next year (60% increase on this year). Nice.

neilbond007

Morning all.
Latest from TorFX

GBPEUR/GBPUSD

The Pound continued to decline against the majors yesterday, dropping to an 11-week low versus the Euro at 1.1450, while the UK currency also lost further ground against the U.S Dollar. Sterling has also fallen to yearly lows versus the Australian and New Zealand Dollar, amid speculation that increased bond purchases by the Bank of England will make UK assets less attractive to foreign investors.

The UK currency declined against all of the 16-most actively traded currencies yesterday, as investors remained pessimistic on the prospects for a sustained economic recovery. The Pound has lost over 2% in value against the Euro, after the BoE minutes on August 19th showed that the Governor Mervyn King and two other policy makers favoured a bigger increase in bond purchases.

Jeremy Stretch, a senior currency strategist at Rabobank International, said yesterday that “people are a bit nervous about the outlook for Sterling because of question marks over the quantitative easing process and obviously we’ve seen UK yields coming down or spreads moving against Sterling.”

The Bank of England’s Monetary Policy Committee, which started its quantitative easing program in March to revive lending conditions, voted 6-3 to raise bond purchases by £50 billion. King and two others were outvoted in a push to expand the program to £200 billion. Despite a host of positive economic data that supports the view that the economy is recovering, banks are still unwilling to increase lending, while unemployment continues to rise at the fastest pace in 12-years.

The Pound failed to find any support against the majors yesterday, despite UK stocks rising for a fifth straight day and to the highest level in 10-months. The benchmark FTSE 100 Index climbed another 0.9% in London, the highest level since October 3rd, as higher commodity prices boosted the earnings outlook for raw material producers.

The FTSE 100 index has now rebounded 39% since the March 3rd low, as the German and French economic unexpectedly grew in the last quarter. Stocks also rallied as better-than-expected earnings from Goldman Sachs Group Inco Roche Holding AG boosted global sentiment. The Federal Reserve Chairman Ben Bernanke said earlier this month that the global economy is “beginning to emerge” from a recession after aggressive action by central banks around the world.

Recent estimates from UBS AG suggests that investors should sell the Pound against the Euro and the Swiss Franc, after the minutes of the Bank’s last policy meeting. The UK currency will remain under pressure following this month’s increase in quantitative easing and news that Mervyn King backed a greater increase in bond purchases..

In terms of economic data, the Royal Bank of Scotland Group Plc said yesterday that UK house prices will plunge another 12.7% before bottoming out. UK homes, which have already fallen 15% since October 2007, have further to fall, according to bond investors. “General opinion was that UK housing has another down leg to take.”

RBS’s survey contradicts recent evidence that the UK property market is starting to recover, as the economy emerges from the worst recession in decades. A report from the Nationwide Building Society and the Royal Institution of Chartered Surveyors have both said that prices will increase this year, reversing an earlier prediction of a drop of as much as 15%.

The Fed Chairman Ben Bernanke and the European Central Bank President Jean-Claude Trichet signalled last week that the worst of the global recession may be over. The U.S housing market is already showing signs of recovery, with sales of existing homes jumping 7.2% in July, to the highest level since August 2007.

sabretoothtigger

While it is not unusual for the dollar to be rising only against the yen and falling against most of other currencies during improved risk appetite, recent days have shown the dollar to be rising against BOTH the yen and sterling, which underlines our bearish stance on GBPas detailed under the latest article sterlings sell-appeal.

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