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HISTORICAL DETAILS
% Change
1 Wk -0.43%
1 Month -2.69%
3 Months -2.53%
6 Months 1.07%
1 Year 6.01%
52 WEEK
High 1.6747
Low 1.4949
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.63
Q3 2011 1.62
Q4 2011 1.63
Q1 2012 1.62
DAILY DETAIL
It was a hugely volatile session for sterling overnight, as it dropped too early to hit its five-and-a-half month low before recovering all of the lost ground to close modestly higher on the session. It fell to a session low of 1.5777 as UK CPI came in weaker-than-expected at 4.2% versus expectations of 4.5%; this saw any slim chances of a rate rise completely priced out of the market. On top of this, fears of European debt contagion were also weighing heavily on risk appetite. However, as the session developed, the market began to reverse following the US trade balance data. The upside really gathered momentum when the US dollar stepped off a cliff following the FOMC meeting minutes that suggested a QE3 package was a small possibility. Sterling closed the session at 1.5910; in Asian trade, it has continued to push higher, currently at 1.5940. Tonight, the market will continue to be focused on the European situation, as well as the latest claimant count change in the UK at 6.30pm (Melbourne time). Ben Potter, Australia
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