A quiet day on the Currency Market

12 November, 2015

Grace Rae

Yesterdays UK unemployment date results saw the lowest jobless rate since the second quarter of 2008 before the financial crisis hammered the economy, posting results that the rate fell to a seven-year low of 5.3%. This is down from 5.6% in the previous three months. The Unemployment rate which back in 2011 rose as high as 8.5% has plunged over the past couple of years and the recent added plunged has fallen faster than the Bank of England had expected. These results have further strengthened the Pound, allowing for the great trading levels on the Euro to continue. For those who are looking to buy Euro’s don’t miss out on rates that have not been achieved for almost 3 months.

Today sees a quiet day on the FX market. In the early hours of this morning Australia released their Fulltime, Part-time and unemployment data, posting positive results. Both full-time and part-time employment increased. October’s figure of unemployment rates dropped to 5.9% from 6.2% in the previous month. Because of this data release the Aussie Dollar has since strengthened by 2 cents. So for those looking to trade Sterling/Aussie keep your eyes peeled for any changes in this currency pair.

Currently this morning the ECON has welcomed the ECB President Mario Draghi’s final Monetary speech of this year. Where he is discussing the ECB’S perspective on economic and monetary developments. At 10:00am Europe are due to release Industrial Production data. At 10:30am Draghi is due to speak again, however, it is unlikely that the speech will have much, if any kind of an effect on the currency markets, and this is followed by US Fed speech’s will take place at 2:15pm.

As always, stay in close contact with your Currency Index account manager and join our many clients who are taking full advantage of the weak single currency. Give one of our Brokers here at Currency Index a call today and we will be delighted to secure your currency transfer needs.