Euro Pounds Daily brief February 2007

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Euro Pounds Brief Friday 30 March 2007

• US figures surprise to the upside
• UK CBI retail sales strongest since December 04
• ECB’s Gaspari would be ‘surprised’ if rates hit 4.25% by end of 07
• Strong German data spurs the Euro
• Japanese inflation weaker than expected
• Oil trades sharply higher on Iran and French supply worries

Euro Pounds Brief Thursday 29 March 2007

• Bernanke makes the Fed’s position abundantly clear
• Dollar rises albeit briefly on Bernanke testimony
• French presidential candidate wants to cause a drop in the Euro
• ECB’s Trichet warns on inflation
• South African rand loses significant ground on fading risk appetite
• Oil spikes to a high of $68 on rumours of Iran attack on US Navy

Euro Pounds Brief Wednesday 28 March 2007

• Recession speculation continues to worry the US
• Sterling dips against the majors despite a hawkish King
• Sterling loses out on disappointing housing data
• ECB’s Liebscher bolsters euro with inflation warnings
• Exotics fall on Iranian tension
• Oil spikes to a high of $68 on rumours of Iran attack on US Navy

Euro Pounds Brief Tuesday 27 March 2007

• US dollar weakens after a drop in new home sales
• Iran reduces US dollar denominated reserves
• MPC’s Gieve sees UK financial markets on ‘crest of wave’
• German inflation forecasts revised upwards
• German business confidence expected to drop today
• Oil trades near highs on Iran

Euro Pounds Brief Monday 26 March 2007

• US dollar hits back on analysis of Fed statement
• US existing home sales recover
• UK house prices rose to highest in 4 years-Hometrack
• ECB has room to raise rates further according to IMF
• Yen remains under pressure from carry trade, small earthquake
• Oil underpinned by Iranian tension

Euro Pounds Brief Friday 23 March 2007

• Strong retail sales boost sterling
• MPC’s Barker warns on against reactionary policy
• Steve Beckner warns Fed have not dropped additional firming if needed
• Dollar gains support from employment data
• RBA Governor warns of high Aussie inflation
• Oil trades higher on supply worries and soft Fed statement

Euro Pounds Brief Thursday 22 March 2007

• MPC votes 8-1; Blanchflower for a cut
• Sterling loses ground on MPC votes
• Fed leave rates at 5.25% and drops tightening rhetoric
• Euro hits 2-year high against US dollar
• Yen remains on the retreat with Fukui reiterating a slow policy
• Oil extends gains on a sharp fall in US stocks

Euro Pounds Brief Wednesday 21 March 2007

• Sterling rallies on the back of inflation data
• April rate hike looks more likely
• BoE’s Barker unconcerned about growth, inflation top of MPC list
• FOMC rate decision due this evening; no move expected
• Yen continues to slide as carry traders return
• Oil stable ahead of US stocks data

Euro Pounds Brief Tuesday 20 March 2007

• Sterling climbs ahead of CPI (inflation) data today
• US housing figures down
• Dollar consolidates ahead of FOMC meeting
• ECB’s Garganas retains hawkish undertones
• Yen suffers as BOJ keeps rates on hold
• Oil holds ahead of expected drop in US inventories

Euro Pounds Brief Monday 19 March 2007

• US Dollar falls sharply but recovers in late trade
• US inflation picks up as expected
• UK house prices jump yet again in March
• Japanese yen under pressure as Fukui reiterates slow policy
• China raises interest rates to slow export inflation
• Oil underpinned by Nigeria supply worries

Euro Pounds Brief Friday 16 March 2007

• US Dollar comes under pressure following Greenspan comments
• US inflation data due to pick up
• The pound gains some support from MPC’s Sentance
• ECB’s Mersch says rates could rise more than expected
• Soft Asian equity markets keeps US dollar on back foot
• Oil drops on US economy worries

Euro Pounds Brief Thursday 15 March 2007

• Relief rally in the sterling market following sharp downturn
• Chaos in the swissie and yen with carry trade uncertainty
• US dollar looks soft in early trade on uncertainty
• UK employment market shows no signs of overheating pleasing doves
• ECB’s Trichet sees ‘excellent’ anchoring of inflation
• Oil ticks up with a drop in inventories

Euro Pounds Brief Tuesday 14 March 2007

• The pound starts the morning on the back foot thanks to yen pressure
• US subprime mortgage worries lead global downturn
• US retail sales weaker than expected
• Carry trade continues to unwind as Asia gets hit
• Nikkei finishes off 3%
• Oil comes under pressure as global stocks lose ground

Euro Pounds Brief Tuesday 13 March 2007

• The pound is hammered despite strong data
• UK RICS housing data lower than expected
• US sub-prime market worries continue to weigh on US Treasuries
• ECB officials keep door open for rate hikes
• Australian business confidence pushes the dollar higher
• Oil stabilises just below $60

Euro Pounds Brief Monday 12 March 2007

• Dollar boosted by strong payroll data
• Further ECB rate hike pricing seen in markets
• Fed officials warn on inflation
• UK housing market continues to grow
• Asian stocks begin the week on front foot
• Oil slumps on seasonal adjustment, onset of warm weather

Euro Pounds Brief Friday 09 March 2007

• MPC keep rates on hold as expected
• ECB hike 0.25% to 3.75%, as expected.
• ECB tones down hawkishness hinting that rates may pause at 4%
• US Non-Farm Payrolls due to come in lower this afternoon
• Global stock markets continue recovery
• Oil stabilises with support from Australian supply concerns

Euro Pounds Brief Thursday 08 March 2007

• Sterling stabilises ahead of MPC rate decision ad Midday
• US economy showing signs of weakness according to survey
• Goldman Sachs sees three rate cuts in year ahead
• Euro advances ahead of expected ECB hike
• New Zealand hikes to 7.5%; more moves expected
• Oil ticks up on demand concerns from US holiday driving season

Euro Pounds Brief Wednesday 07 March 2007

• Sterling recovers as equities rally
• UK confidence close to two-year low according to Nationwide
• US dollar retreats a touch on mortgage fears
• Euro stable going into tomorrow’s rate announcement
• Reserve Bank of Australia keeps rates on hold
• Oil trades sideways ahead of US inventory data today

Euro Pounds Brief Tuesday 06 March 2007

• Yen suffers as equity markets stabilise
• The pound recovers after a rocky session yesterday
• UK retail sales up 5% for February
• Cable prints a low of 1.9182 overnight
• Greenspan sees a one third probability of a US recession
• Oil stabilises following investor fears in equity sell-off
 

Euro Pounds Brief Monday 05 March 2007

• Sterling nosedives on further yen unwinding
• Yen trades sharply higher; dollar main beneficiary
• Swiss franc posts gains as Swiss carry trades unwind
• Euro finds support as ECB expected to raise inflation forecasts
• Asian equities punished on selling; HSBC writes of $11bn bad debt
• Oil sold off in Asia after awful stock markets session
 

Euro Pounds Brief Friday 02 March 2007

• US dollar rises on strong ISM data
• Sterling hopes of rate hike continue to fade
• FX traders take a step back as markets undergo transition
• Japan begins to see unwinding of massive carry trade positions
• Exotics take another hammering as yield seekers unwind
• Oil continues to trade higher
 

Euro Pounds Brief Thursday 01 March 2007

• US dollar posts gains on Bernanke despite weaker growth data
• Stock markets continue to feel pinch
• Another tough day for the pound as BoE sees inflation easing
• ECB’s Weber retains hawkish sentiment; sees ‘normalization’
• Kiwi dollar suffers on weak data; emerging market fears
• Oil spikes on US demand; inventory drop