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Weekly Market Update 02-03-2011

Weekly Market Update 02-03-2011

Old Mar 2nd 2011, 3:05 pm
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Default Weekly Market Update 02-03-2011

£/€
Range of the week: 1.1690 – 1.1819
Variance of the week on £10k=€129

EURO-ZONE:

All eyes at the beginning of the week were on the Euro-Zone and figures for the Consumer Price Index (CPI) being published. CPI came out at 2.3% Year on Year which was below expectations of 2.4%.
German unemployment dropped sharply, falling 52,000 against. Expectations of 18,000 to 7.3% continuing the growth and positive data coming out of Europe’s powerhouse economy.
Recent comments from ECB members and others may keep the euro underpinned as speculation ramps up of the ECB hiking its interest rates sometime soon if inflationary pressure picks up.
UK:

On Tuesday we had the nationwide house price index out which suggested prices had risen in February, up 0.3% against an expectation of -0.2% which could suggest the start of the positive spring market.

Mortgage approvals for January were also better than expected with 45,700 new mortgages compared to expectation of 42,500 which would seem to back up Nationwide’s claims.

Due to there being a mixed bag of data, both negative and positive for both economies we have seen very little movement in currency terms.


£/$
Range of the week: 1.6071 – 1.6328
Variance of the week on £10k=$257


Although there has been minor date from the US so far this week, we have seen cable hit a 13 month high and this is mainly as a result of the market reacting to the troubles in the Middle East. I will cover this further in Fridays update.


£/AUS
Range of the week: 1.5830 – 1.6104
Variance of the week on £10k=AUS$274


Rates were kept on hold in line with expectation at 4.75%.

GDP came in with expectation at 0.7% showing a strong finish to 2010 for Australia.

£/NZD
Range of the week: 2.1329 – 2.2002
Variance of the week: on £10k=NZD$673


The market has been mainly focused on the attempted clear up and issues after the devastating earthquake that hit NZ last week. Since last week we have seen the pound rally by over 3%. There is also speculation about a rate reduction, but it will need some economic data to back up any bold rate cut.

We are currently 2 cents off the 52 week high which was seen in August of last year. Since then it has had a range of 24 cents, being as low as 1.98.


£/ZAR
Range of the week: 11.2414 – 11.3860
Variance of the week: on £10k=ZAR1,446


No major news to report from South Africa. However traders will be keeping a close eye on Gold prices having hit $1,435 this morning.


£/CAD
Range of the week: 1.5710 – 1.5924
Variance of the week: on £10k=CAD$214


Canada showed an impressive GDP figure for Q4 showing an annualized figure of 3.3% against expectation of 2.9%, with the month of December almost double expectation coming in at 0.5%!

Interest rates were held at 1% in line with wide expectation.
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