Sterling holding on to gains against Euro
Quote of the day: “Ideas pull the trigger, but instincts load the gun.”
October 30th: Highlights
- Sterling holding on to gains against Euro
- Pound boosted by net lending figures
- Strong week for US Dollar
- Spanish growth stalling
- Japan keeps QE programme same
Sterling Comment
If you are buying and selling Euros, log in to compare live quotes today.
Overall, it was a positive week for the US Dollar, at the start it strengthened over a cent against the Pound, which it returned yesterday. GBP/USD traded yesterday around the 1.5266 mark throughout the morning session, but with poor US GDP figures released, Sterling gained in the afternoon to hit a daily high of 1.5309, rising by 0.2%. The pair is trading higher this morning at around 1.5331.
Yesterday saw positive mortgage net lending for September, which aided the Pound, coming in at £4.9 billion for the month, well above the forecast of £4.4 billion, showing that the property market is being helped by low interest rates. UK Consumer credit grew at its fastest rate with annual growth of over 8% since way back in February 2006.
If you are buying and selling US Dollars, log in to compare live quotes today.
Global Comment
This week’s main focus was on the Fed Members decision to leave interest rates at all time lows, but comments suggesting that there is gong to be a rate hike in December. The Euro strengthened against the Dollar yesterday, up 0.19% following the positive German unemployment data and US GDP figures which missed forecast by 0.1%. EUR/USD is currently trading at 1.10001.
Investors will be watching data today on personal spending and personal income data, analysts expecting growth in both of these areas. We will also see comments fro Fed Member Williams, watch out for any utterance of the word ‘rate hike’ which could have impact on the markets.
The pace of Spain’s impressive growth has slowed slightly with Q3 figures released. Spain’s recovery has partly been due to a very strong tourist season, which helped it overcome the housing crash.
This morning we woke up to news that the Bank of Japan kept it’s QE programme at the current levels, with most analysts expecting an increase. GBP/JPY is currently trading this morning at 184.76 trading down from highs of 186 overnight.
Have a great day!
Morning mid-market rates – The majors
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