Quiet currency markets continue
9 October, 2013
So for the second day in a row we saw a fairly subdued day on the currency markets with very little movement. A lack of economic data releases seems to be the main contributor to these quiet trading days and though we did see some USD weakness in the afternoon this was reversed by the close of the European trading session. Today on the other hand has a number of key releases so we could well see some movement throughout the day.
This morning we have trade balance data along with figures for both industrial and manufacturing production. In recent month these readings have consistently come in above market expectation and have been one of the key factors in the pounds recent gains. Today could well be another good day for the pound but we have seen it struggling to get through certain resistance levels and the fear is that any weak readings could see the pound fall away from what some analysts already see as a ‘dizzy height’.
In the U.S the government is still on shut down and though it is obviously having some effect on the markets it is likely we will see the true damage, if any, when they resume normal business. Big data release in the states this afternoon is GDP estimate and the minutes from the last federal meeting so we could see a lot of movement later afternoon and throughout the evening.
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