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Weekly Currency Review

Weekly Currency Review

 
Old Jan 26th 2015, 8:53 am
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Default Weekly Currency Review

Europe:

• Syriza wins Greek elections – potentially plunging Europe into deeper crisis as any bailout will be delayed or rejected with the anti-austerity party prevailing.
• European Central Bank (ECB) President, Mario Draghi confirms that the quantitative easing package will amount to €1.1tr.
• Euro at 7 year low versus Pound.
• Euro at 11 year low versus Dollar.

UK:

• Monetary Policy Committee (MPC) members withdraw votes to hike interest rates. Vote unanimous, 9-0 in favour of maintaining 0.5%.
• UK unemployment declines to a 6 year low of 5.8% whilst real-time wages rise.
• GBP/EUR reaches fresh 7 year highs.
• Sharp improvement in UK retail sales as the figures exceed the 3% consensus, reaching 4.3%.
• GBP/USD extends declines to an interbank level of 1.4954, last seen in July 2013.

US:

• EUR/USD reaches lowest levels since September 2003.
• Despite a lack of economic data from the US, the USD continued in its ascendency.
• The FED have been quick to reassure investors, traders and market participants that a strong dollar will not put too much pressure on the US economy and they will not enter “currency wars”, the stronger dollar is also unlikely to sway the FED in their planned timeline to raise short term interest rates.

Have a great Monday!
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Old Jan 26th 2015, 9:30 am
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Default Re: Weekly Currency Review

If you would like an update of any other currency, please let me know and I will post the update.
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