- Overnight Interest Rate Update 03.18.10 Thu, 18 Mar 2010 10:37 GMT
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- Mar, 17 BoE Remains Cautious Despite Unexpected Improvement in Labor Market
- Mar, 16 European Investor Confidence Weakens for a Sixth Consecutive Month
- Mar, 15 Euro-Zone Employment Extends Five Month Decline, Swiss Producer & Import Prices Tumble in February
- Mar, 12 Candian Unemployment Unexpectedly Falls As Full-time Hires Soar
- Mar, 10 A Drop in German Exports Casts Doubt on Recovery
- Mar, 09 Declining U.K. Exports Threatens Recovery, Keeping BoE on Alert
- Mar, 08 German Industrial Production Disappoints, As Construction Suffers.
- Mar, 05 Rising UK Factory Gate Prices May Force BoE to End QE
- Mar, 04 BoE Remains on Hold, No Statement Leaves Markets Guessing
- Mar, 02 Euro-Zone Inflation Slows Allowing ECB To Remain On Hold
- Mar, 01 Drop in U.K. Mortgage Approvals Raises Outlook For More QE
- Feb, 26 Stronger Than Expected U.K. Growth Creates Difficult Decision For BoE
- Feb, 24 German Growth Flat as Strong Demand From Abroad Offsets Domestic Weakness
- Feb, 23 U.K. Mortgage Approvals Decline, Opening the Door For More QE
- Feb, 19 U.K. Retail Sales Weaken More Than Expected, Euro-Zone Manufacturing Strengtens in February
- Feb, 17 U.K. Jobless Claims At Highest Since April 1997, Euro-Zone Trade Surplus Widens in December
- Feb, 16 U.K. Inflation Rises to 14-Month High, German Investor Confidence Tumbles for 5th Month
- Feb, 12 Euro-Zone GDP Stalls As Industrial Production Falters
- Feb, 11 ECB Raises Forecasts For Growth and Inflation But Deem Rates Appropriate
- Feb, 10 BoE Leaves Door Open For Further QE
U.K. trade deficit shrank in November to 2.912B from a revised -3.120B the previous month, with expectations of 3.0B as the weakness of the pound pushed exports to its highest level in more than a year, the National Statistics in London announced.
Fundamental Headlines
• U.K. Retailers Show Optimism– Wall Street Journal
• U.K. Trade Deficit Narrows – Wall Street Journal
• Rate Rise Fears Spark Rush to Issue Bonds - Financial Times
• Bank of England Should Pause Bond Program as U.K. Recovery Looms, BCC Says – Bloomberg
• Dubai’s First Foreclosure Opens Floodgates in World’s Worst Housing Market - Bloomberg
GBP/USD – U.K. trade deficit shrank in November to 2.912B from a revised -3.120B the previous month, with expectations of 3.0B as the weakness of the pound pushed exports to its highest level in more than a year, the National Statistics in London announced. The breakdown of the report showed that exports soared 20.2 billion pounds, with overseas sales of oil, consumer goods apart from cars and chemicals also pushing higher. As the International Monetary Fund will more than likely raise its forecast of global growth, a brightened outlook of trade prospects for the U.K. is inevitable, so long as the sterling does remains weak to its counterparts. Looking ahead, the GBP/USD may hold a broad range throughout the first-half of 2010 as investors weight the outlook for future policy.
To discuss this and other topics, please visit the GBP/USD Forum.
USD/JPY – Japan’s current account narrowed to 1103.0B in November from 1397.6B in October, with economists’ expectations of 999.6B ahead of the release. At the same time, the M3 Money Stock (the broadest measure of money supply) fell to 2.2% in December, from 2.4% the month prior, while the M2 Money supply (M1+ savings deposits, time deposits, and money market deposit accounts) slip to less than economists expectations of 3.3% to 3.1% during the month. The Bank of Japan will keep interest rates low in the short term, as Shinobu Nakagawa announced yesterday. The reason for the low interest rates going forward is because of the difficultness to forecast the long-term direction of rates, he later added. The main focus going forward should not be interest rates but “ whether Japan’s banks will continue to hold long-term government bonds.”
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