What’s Going Down At Jackson Hole
31 August, 2012
Thursday saw the pound do relatively well, making gains against most currencies over the day following a rise in mortgage approvals figures for July and a slight rise in UK money supply. In the Eurozone, German unemployment figures came in lower than expected as did EU consumer confidence which helped the pound make a half cent gain against the single currency helping those sending money to the Eurozone that little bit cheaper.
The pound also made gains against the US dollar although these were reversed in afternoon trade as markets anticipated a speech by Fed chairman Ben Bernanke. He is speaking today in Jackson Hole, Wyoming so anyone looking to buy dollars today should expect some more volatility before, during and no doubt after the speech which is due to start at 3pm UK time. Any hint by Bernanke that the Fed is going to start a further round of asset purchase could well push the USD lower, making it less expensive for those looking to send money to the US.
This morning we have already had Nationwide house price data for the UK which came in lower than forecast, which has subsequently pushed the pound lower across the board. The dollar is a cent lower than yesterday’s peak and any gains against the Euro yesterday have been reversed. The meeting in the US later will almost certainly affect the Pound to Euro exchange rates as we have seen happen in the past, so anyone with a requirement could be wise to speak with their broker at the earliest opportunity. With the week and month coming to a close traders may be looking to profit take and close down positions so volatility could be on the cards.
In the Eurozone consumer price index and unemployment data is due out as well as the usual pressures as the market’s speculation over whether Euro ministers will announce a bond buying scheme to help shore up Spain and Italy. In the US there are purchasing managers index figures, consumer confidence, factory orders and of course Bernanke’s speech, whilst further north in Canada they see GDP figures released. So all in all plenty to move the markets so if you have an upcoming currency purchase get in touch with Currency Index today to talk through your options.
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