Forex Focus is brought to you by IG Markets - Forex Trading
HISTORICAL DETAILS
% Change
1 Wk 0.21%
1 Month -0.44%
3 Months -2.03%
6 Months 1.74%
1 Year 5.97%
52 WEEK
High 1.6747
Low 1.5125
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.63
Q3 2011 1.61
Q4 2011 1.63
Q1 2012 1.62
DAILY DETAIL
Sterling was seen trading 0.6% higher this afternoon close to its intraday high of $1.6264 against the US dollar, as markets were optimistic that a solution on the second bailout package for Greece will be reached. With the emergency summit between European leaders having begun at 12pm (London time), markets are keeping a close watch on the outcome. Yesterday it was announced that German and French leaders had come to an agreement on what the Greek bailout should involve but little information was released, except for that a tax on eurozone banks was no longer likely. Helping to keep the pound positive were better-than-expected retail sales released this morning, showing sales had picked up in June compared to May. Strength in sterling this afternoon was also aided by the weaker dollar, which extended its losses after US data showed initial jobless claims rose more-than-expected last week, rising 10000 to 418,000. This afternoon US will see the release of leading indicators and Philadelphia Fed manufacturing data, which could provide some volatility in GBP/USD trading. Conversely, markets are likely to remain fixated on the progression of the emergency summit between European leaders and Ben Bernanke’s testimony. Jana Pristovsek, London
No comments:
Post a Comment