US ($) Currency Thread 1 (closed - use thread 2)

inspector_monkfish

US Q1 advance GDP due at 1.30 today....

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13:12 29Apr09 GBP/USD: Consolidating Gains, US Q1 GDP Data Looming

[12:12 GBP/USD: Consolidating Gains, US Q1 GDP Data Looming] London, April 29.

Cable is currently trading in close proximity to the 1.4750 level, against a big-picture backdrop of gain consolidation (1.4619 was today"s early Asian session base). Buy stops above 1.4750 were tripped en route to a 9-day peak of 1.4796 late in the European morning.

1.4731 (today"s late Asian session high) and 1.4690 (pullback low from 1.4731) are support points south of 1.4750. The advance estimate of US annualized Q1 GDP will be unveiled at 12:30GMT. A 4.7% contraction is forecast, to follow a 6.3% drop in Q4 2008.

Today"s key event risk is the 18:15GMT FOMC statement. The greenback took a big hit on the back of the statement issued at the conclusion of last month"s FOMC meeting (March 18), with GBP/USD leaping by more than six cents in less than 24 hours (from 1.3955).

UK PM Gordon Brown has revealed three new cases of swine flu in Britain, and said all three had recently travelled to Mexico (Sky News website). US health officials say swine flu has killed an infant in Texas, the first death reportedoutside Mexico (WSJ website).

inspector_monkfish

13:37 29Apr09 IFR-GBP/USD: Weighed Down by Much Worse-Than-Expected US Q1 GDP

[12:37 GBP/USD: Weighed Down by Much Worse-Than-Expected US Q1 GDP] London, April
29.

Cable"s retreat from a late European morning 9-day high of 1.4796 has extended to a low of 1.4720 on the back of the much worse-than-expected advance estimate of annualized US GDP Q1. This came in at minus 6.1%.

neilbond007

inspector_monkfish wrote: »

13:37 29Apr09 IFR-GBP/USD: Weighed Down by Much Worse-Than-Expected US Q1 GDP

[12:37 GBP/USD: Weighed Down by Much Worse-Than-Expected US Q1 GDP] London, April
29.

Cable"s retreat from a late European morning 9-day high of 1.4796 has extended to a low of 1.4720 on the back of the much worse-than-expected advance estimate of annualized US GDP Q1. This came in at minus 6.1%.

worse US figures should be good for the £ in my book!

PS - I know it don't work like that...

whatusername

neilbond007 wrote: »

worse US figures should be good for the £ in my book!

PS - I know it don't work like that...

Should yes but am i not right in saying it makes stocks more attractive than currency?

inspector_monkfish

whatusername wrote: »

Should yes but am i not right in saying it makes stocks more attractive than currency?

it has reduced the likelihood of the US hiking rates before the end of the year

inspector_monkfish

a spammer that bites back..... :eek:

http://forums.moneysavingexpert.com/showthread.html?p=21112245&posted=1#post21112245

whatusername

inspector_monkfish wrote: »

it has reduced the likelihood of the US hiking rates before the end of the year

Don't think many will hike rates this year buddy.

inspector_monkfish

whatusername wrote: »

Don't think many will hike rates this year buddy.

there was talk of it before those figures were released
now it has been put on the back-burner


personally, i have always been in the camp for no rate hikes for a long long time anyway, so it came as no surprise to me!

inspector_monkfish

!!!!!! ???

http://forums.moneysavingexpert.com/showthread.html?p=21111839#post21111839

inspector_monkfish

bounced off recent low of 1.4685 about 1hr ago, to trade much higher at 1.4760 now