Euro Pounds Daily brief February 2007

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Euro Pounds Brief Wednesday 28th February 2007

• Global markets smashed on China jitters
• Sterling takes brunt of fallout as Europe and US readjust
• ECB’s Stark sees signs of accelerating inflation
• UK house prices rise again
• Exotic currencies suffer on flight to safety
• Oil drops as Chinese markets causes shockwaves
 

Euro Pounds Brief Tuesday 27th February 2007

• Dollar drops to 2-month lows against the euro
• ECB’s Quaden retains hawkish tone
• BoE’s Blanchflower talks down sterling and interest rates
• Japan draws strength from European commentary
• US housing data due this afternoon
• Oil continues to draw strength from Middle East unrest
 

Euro Pounds Brief Monday 26th February 2007

• Dollar falls following Iran worries and Central Bank diversification
• Sterling pulls back following strong session on Friday
• UK housing figures kick on; council tax set to rise
• German GFK data disappoints
• Commodities squeeze up on continuing Iran worries
• Oil rallies on Iran; forecast storms in the US
 

Euro Pounds Brief Wednesday 23th February 2007

• Sterling strengthens on relief rally; continued inflation warnings
• Rumours in the US over possible defence status change
• Dollar suffers as risk rises that US consider military action in Iran
• German IFO due at 0900 GMT
• Pakistan tests nuclear-capable missile
• Oil creeps up on falling inventories; geo-political events
 

Euro Pounds Brief Wednesday 22th February 2007

• MPC vote 7-2 to hold rates; usual suspects voting for the hike
• US CPI rounded up causing dollar rally
• Fed minutes show dropping of tightening bias
• Yen pounded as BoJ warns that further tightening will be slow
• High yield currencies benefit from dovish BoJ
• Oil holds near $60 on US supply issues and inventory data fears
 

Euro Pounds Brief Wednesday 21th February 2007

• Sterling ticks up ahead of BoE minutes; stops triggered
• Fed’s Bies warns of subdued growth and benign housing market
• Japan hikes rates to 0.5%; 8-1 vote
• Swiss Bank’s Roth warns that rates are heading higher
• RBA Governor says rates more likely to rise than fall
• Oil trims on end of US cold snap

Euro Pounds Brief Monday 20th February 2007

• Sterling under pressure following BoE FX comments
• Fed warned against using inflation as target for rate decisions
• Yen weakens ahead of BoJ decision as bets on hike ease
• Trichet repeats warnings on inflation outlook
• German Finance Ministry raises growth forecasts
• Oil holds ground on supply issues and continued Iranian speculation
 

Euro Pounds Brief Monday 19th February 2007

• US dollar falls on weak housing data; thin market for Holiday
• Rightmove survey shows UK house prices curbing
• Fed’s Moskow warns of further tightening if necessary
• Yen pushes on ahead of BoJ rate decision
• New Zealand economic confidence at 17-month high
• Oil holds near $60 on production worries; Iran concerns
 

Euro Pounds Brief Thurday 16th February 2007

• Sterling drops on weakest retail sales in 4 years
• Dollar suffers more woe on TICS and Industrial Production data
• US futures still pricing in rate cuts in late 2007
• Yen rally continues in lead up to rate decision
• South Africa opts to hold rates at 9%
• Oil holds as cold weather continues; production disrupted

Euro Pounds Brief Thurday 15th February 2007

• US dollar suffers on Bernanke testimony
• UK Inflation Report more hawkish than expected
• Sterling gains on BoE report; King mentions rate rises
• ECB sees inflation ‘contained’ with upside risks
• Japanese GDP data surprises on the upside
• Oil falls after US inventories data

Euro Pounds Brief Wednesday 14th February 2007

• Sterling hammered as inflation eases; report due today
• UK rates seen nearing peak as CPI drop hits 5-year low
• Dollar trims ahead of Bernanke testimony
• Strong European figures, hawkish ECB push euro higher
• New Zealand dollar posts gains on Finance Minister comments
• Oil trades range bound, spike on US storm warnings
 

Euro Pounds Brief Monday 12th February 2007

• UK Inflation report due this week; mixed signals from press
• Sterling continued its slide on Friday following a poor week
• Mixed signals from Fed; willing to hike if necessary
• Continued inflation warnings from ECB officials
• Yen falls as markets shrug off G7 warnings
• Oil drops by 1% on Saudi comments
 

Euro Pounds Brief Thursday 9th February 2007

• MPC opt to keep UK rates on hold; inflation under control
• Sterling falls heavily following rate decision
• ECB also keep rates on hold; Trichet very hawkish
• Carry trade returns with yen selling; US accuses Tokyo of manipulation
• Aussie dollar rebounds on carry trade
• Oil nudges above $60 on production outage, export cuts

Euro Pounds Brief Thursday 8th February 2007

• MPC interest rate decision today; mixed predictions
• Sterling slips ahead of MPC today
• ECB rate decision; no move expected
• Dollar fails to break trading range
• Australia jobless rebounds; Aussie gets a lift
• Oil still stable as cold weather continues

Euro Pounds Brief Wednesday 7th February 2007

• Sterling pushes higher on the back of strong retail sales
• Yen continues rally ahead of G7 conference
• ECB’s Weber continues with inflation danger warnings
• New Zealand dollar suffers on carry trade fears
• Australia keeps rates on hold
• Oil holds strength on cold snap
 

Euro Pounds Brief Tuesday 6th February 2007

• UK Retail Sales for January highest in 3 years according to BRC
• MPC decision under the spotlight
• Euro still on back foot following dovish comments
• US mortgage defaults hit 10 year high
• Uncertainty over Aussie dollar outlook
• Oil touches $60 on cold weather and stock fears

Euro Pounds Brief Friday 2nd February 2007

• The nine men and women on the Monetary Policy Committee (MPC) will
meet this morning to begin their interest rate deliberations still bearing
the bruises from their meeting last month.
• David Blanchflower denied being a dove, saying: “I am as hawkish as
anyone about keeping inflation on target.”
• The USD suffered a sell off after a well below forecast US January
manufacturing ISM, which dropped below the key 50 level to 49.3.