US ($) Currency Thread 2

inspector_monkfish

trading up around 1.6675 at mom

waiting important Q3 GDP data at 9.30am

inspector_monkfish

09:35 23Oct09 GBP/USD: Slumps on Shock 0.4% Contraction in UK Q3 GDP

October 23.

Cable has slumped by more than a cent to an intra-day low two pips shy of
1.6487 (yesterday"s low) on the back of the ONS disclosure that the UK economy unexpectedly contracted by 0.4% in Q3. This means that the UK is now in the longest recession on record. A 0.2% rise was the consensus forecast.

The Q3 GDP shock increases the probability that the BoE will enlarge its GBP
175bn QE Asset Purchase Programme on Thursday week (Nov 5). GBP/USD was trading circa 1.6970 when the BoE upped its APP by GBP 50bn from GBP 125bn on August 6, amajor GBP-negative.

inspector_monkfish

collapse continues

1.6450

recession is moste definitely NOT over folks

MaxTheDog_2

http://www.xe.com

inspector_monkfish

MaxTheDog wrote: »

http://www.xe.com

this is a great site, but it doesnt explain why things are moving

inspector_monkfish

10:58 23Oct09 Sterling slide lifts dlr, euro as UK GDP shocks mkt
* Sterling slides vs dollar, euro on UK Q3 GDP shock
* UK recession casts doubt over synchronised recovery
* Euro zone data, euro/stg jump supports euro vs dollar

LONDON, Oct 23 - Sterling fell sharply on Friday,
giving broad support to both the dollar and the euro as markets
were stunned by data that showed the British economy remained
mired in recession in the third quarter.

News the British economy shrank 0.4 percent in the three
months to September eclipsed a more positive set of euro zone
economic data, and the euro and sterling striking respective
14-month and six-week highs against the dollar.

Sterling tumbled almost three cents against the dollar and
the euro jumped more than one percent. This kept the dollar's
trade-weighted index in positive territory, while the euro also
drew support from the euro zone purchasing managers indices and
the Ifo index of German business morale.

The UK data shock brought back the possibility the Bank of
England will extend its quantitative easing programme next
month. And coming after relatively dovish statements from the
Swedish and Canadian central banks this week, it cast some doubt
over the strength and synchronicity of the global recovery.

"There's no question a lot of people got wrong-footed on
that one," said Paul Mackel, senior currency strategist at HSBC
in London.

"It once again puts the focus back on the November rate
decision and whether they'll expand QE. You have to ask if
they'll seek extra insurance," he said of the BoE's Monetary
Policy Committee.

At 0940 GMT sterling was down 1.4 percent on the day at
$1.6395 <GBP=>, falling from a six-week high of $1.6693 before
the GDP data.

The euro was up 1.5 percent on the day at 91.75 pence
<EURGBP=>, on track for its biggest one-day rally in six months.

This supported the euro's 0.1 percent gains on the dollar to
$1.5040 <EUR=>. In Asian trade, the euro took out option
barriers at $1.5050 to a 14-month high of $1.5061.

The dollar index, a measure of its value against six major
trading partner currencies, was up 0.2 percent on the day at
75.23.

neilbond007

well there goes my plan of changing more cash today!

inspector_monkfish

1.6345 trading now

inspector_monkfish

neilbond007 wrote: »

well there goes my plan of changing more cash today!

hey dude, i'm up at alton towers this weekend
not going nack to rugeley though - once was enough!!
found a place at stoke trentham gardens

neilbond007

inspector_monkfish wrote: »

hey dude, i'm up at alton towers this weekend
not going nack to rugeley though - once was enough!!
found a place at stoke trentham gardens

Cool

Trentham gardens is pretty good. not been for a number of years but i believe it's pretty nice to walk round. there's a big ferris wheel there too.
Presume it's the premier travel inn you're stopping in?

The boozer just down the road, the poachers cottage, is pretty good. Also Trentham Park Golf Club is just down the road