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Forex News – UK services PMI builds on momentum from manufacturing and construction sectors; sterling fails to post gains

Posted on May 4, 2017 at 10:31 am GMT

The April PMI number for the services sector, by far the largest contributor to UK economic output, was released today. The number exceeded analysts’ estimates and came in at a four-month high. In addition, today’s figure builds on earlier momentum from the respective numbers for the manufacturing and construction sectors, which also surprised to the upside, and points to a picking up in economic activity during the second quarter of the year after the slowdown in the preceding quarter. Taking [..]

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Forex Market Review (European Session) – Dollar modestly up ahead of Fed; Brexit developments dominate sterling movements

Posted on May 3, 2017 at 3:02 pm GMT

Investors had a lot to digest in terms of data in today’s European session trading hours. Eurozone first quarter preliminary GDP estimates showed the region is in for a promising start to the year. Contrasting this, euro area producer prices showed a slowdown in March. In other news, the UK construction PMI picked up from yesterday’s upbeat manufacturing number and surprised to the upside, while markets were on the receiving end of important data out of the US as well. [..]

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Forex Market Review (Asian Session) – Kiwi jumps on jobs data; Dollar subdued ahead of FOMC

Posted on May 3, 2017 at 7:33 am GMT

The dollar was little changed against the yen and the euro as markets awaited the Federal Reserve to complete a two-day policy meeting later today. Many say it will be a non-event since the Fed is not expected to make any changes to interest rates and there will not be a press conference. But investors will look for any hints concerning a June rate hike in the statement that will be released. Markets are currently giving a fairly high probability [..]

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Forex Market Review (European Session) – Strong UK manufacturing PMI boosts sterling; dollar at 1-½-month high versus the yen

Posted on May 2, 2017 at 2:51 pm GMT

The strong manufacturing PMI number out of the UK as well as economic releases out of the Eurozone, were among the highlights of the day in terms of data hitting the markets during today’s European session trading. Beyond these, geopolitics were once again an important factor affecting investor sentiment. The dollar index, measuring the greenback’s strength versus the currencies of six major trading partners, was up one-tenth of a percent and slightly above the 99 level during late European session [..]

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Forex Market Review (European Session) – Euro and pound shine; dollar firm despite disappointing US GDP data

Posted on April 28, 2017 at 2:31 pm GMT

The euro and the pound outperformed other currencies in Friday’s European session, while dollar traders looked beyond disappointing US GDP figures to drive it higher versus the yen. The euro rebounded sharply from yesterday’s ECB-induced losses after stronger-than-expected inflation data for the Eurozone revived expectations that the ECB may soon begin to withdraw monetary accommodation. Headline inflation jumped from 1.5% to 1.9% year-on-year in April according to the flash estimates, just shy of February’s four-year high of 2.0% and above [..]

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Week Ahead – Non-farm payrolls, FOMC, PMI data in focus; EU Summit prepares for Brexit

Posted on April 28, 2017 at 2:24 pm GMT

The main focus in the coming week will be on the United States, which releases important jobs and PMI data, while the Federal Reserve policy meeting is also scheduled. Monday starts off quietly since most markets will be closed in Europe, the UK and Asia for the May Day holiday.   US non-farm payrolls, ISM and FOMC The April non-farm payrolls report due at the end of the week will play a key role in influencing market expectations about the [..]

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Forex News – UK GDP growth slows more than expected in Q1; pound shrugs off data

Posted on April 28, 2017 at 10:49 am GMT

The UK economy slowed more-than-expected during the first quarter of the year as the dominant services sector posted its weakest growth in two years. GDP expanded by 0.3% quarter-on-quarter in the first three months of the year, slightly weaker than forecasts of 0.4% and sharply down from the prior quarter’s 0.7% rate. On an annual basis, growth improved from 1.9% in the fourth quarter to 2.1% in the first quarter. Expectations were for a year-on-year figure of 2.2%. Nevertheless, that [..]

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