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Weekly Market Update 12/01/2011

Weekly Market Update 12/01/2011

Old Jan 12th 2011, 1:09 am
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Default Weekly Market Update 12/01/2011

Range of the week: 1.1702 – 1.2068
Variance of the week on £10k=€ 366

The European Debt problems have been the main influence in currency markets for the second week running. Things started hotting up around Portugal after it emerged in a German Magazine over the weekend that the two European powerhouses (Germany and France) were putting pressure on Portugal to take an €80bln bailout. The rational was to avoid a similar ‘melt down’ that occurred around the Irish Bailout.

The Pounds bullish run was temporarily stunted on Monday when the Halifax House data for December was released, showing a whopping 1.3% decline in house prices across the UK.
This was three times the decrease analysts were expecting. Ouch.

The focus on Sterling didn’t last long and shifted swiftly back onto the Euro as the market looked at the bond auctions scheduled for this week in Portugal, Belgium and Italy.

The only respite for the Euro this week has been the generous offers by China and Japan to buy European debt. This could be misconstrued as an act of kindness, however they are just trying to protect their own exports. Europe being one of their biggest export destinations.

Today the focus will be on the results from the latest Portuguese bond auction due at 10:30. This will confirm if a bail-out plan is imminent.

Range of the week: 1.5404 – 1.5627
Variance of the week on £10k=$ 220

Friday saw the release of the closely watched Non-farm payrolls in the US, which disappointed with only 103k jobs created against a forecast of 150k – 180k.
This again shows that the recovery in the US is not yet at ‘full steam ahead’.

Cable was however largely stable for the week as the financial markets focused on other currencies.

Range of the week: 1.5451 – 1.5909
Variance of the week on £10k=AUD458

We have seen big moves in the Australian Dollar recently with economic data out there showing signs of the economy slowing down.
The recent Floods in Queensland have weighed on the currency as well, with reports of many of the mines being severely impacted.

Range of the week: 2.0226 – 2.0617
Variance of the week: on £10k= 391

Range of the week: 10.2966 – 10.7569
Variance of the week: on £10k=ZAR 4603

Range of the week: 1.5289 – 1.5622
Variance of the week: on £10k=CAD 333
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