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RALLY IN RISK PUTS PRESSURE ON THE DOLLAR TO THE DOWNSIDE
We are seeing a light revival in risk appetite putting downside pressure on the dollar. The EurUsd rose nearly 100pips to the mid range of 1.29, while the UsdJpy fell roughly 50pips to the bottoming out around 89. The GbpUsd gained 50pips pushing the pair back above1.43 ahead of the BoE meeting scheduled for this week. Equity markets are positive in the US and Europe with the Dow higher by 1.7% or 141pts. Bond yields followed suit as rates jumped higher across the UST curve, notably the 10 and 30yr saw the largest moves up 16 and 20bps respectively. Commodities…
3Feb2009 | Advanced Currency Markets | 0 comments | ContinuedPound Sterling Plummets as the Chance for a BOE Rate Cut Improves
The British pound fell to a 22-month low yesterday (Wednesday), after the Bank of England (BOE) offered a gloomy outlook for the U.K. economy and the chance of an interest rate cut increased.
The pound fell to $1.8656 yesterday – its lowest level since October 2006 – from 1.8968 the day prior. The British currency has fallen 5.4% against the dollar so far this year, and 7.6% against the dollar since the end of July. The pound is down 7.5% against the euro this year.
The decline has been prompted by a perceived shift in BOE policy, as many analysts…
14Aug2008 | Money Morning | Comments Off | Continued
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