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- Mar, 18 Euro Tumbles amid Greece Concerns, U.K. Mortgage Approvals Disappoint
- 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
U.K. industrial production rose 0.4% in November surpassing estimates of 0.3%, but manufacturing output was unexpectedly flat. A 4.3% contraction in textiles offset a 3.3% gain in production from refineries.
Fundamental Headlines
• Job Data Set to Fuel Stimulus Fight – Wall Street Journal
• Bernanke Challenged on Rates' Role in Bust – Wall Street Journal
• Greece condemned for falsifying data - Financial Times
• Emerging-Market Stocks Decline Most in Four Weeks; Crude Oil, Corn Slide – Bloomberg
• Treasury Investors Most Bearish in Two Years as Deficits Rise to Records Market - Bloomberg
GBP/USD – U.K. industrial production rose 0.4% in November surpassing estimates of 0.3%, but manufacturing output was unexpectedly flat. A 4.3% contraction in textiles offset a 3.3% gain in production from refineries. The drop in apparel combined with a 1.0% decline in food output could be a sign that retailers have replenished inventory levels and unless consumer demand rebounds growth may continue to trend sideways. This may keep the BoE on hold throughout the first half of 2010, but a return to growth should bring an end to their asset purchase program. Indeed, MPC member Andrew Sentence in an interview today stated that enough was done to stimulate the economy and with inflation risks rising, the central bank may need to raise rates before the year is done. To discuss this and other topics, please visit the Pound Forum.
EUR/USD – French inflation rose to 0.9% in December from a year ago led by a 3.6% surge in oil product. Rents, tobacco and clothing also saw gains as the economy posted consecutive quarters of growth to end the year. During the month costs fopr services rose 0.5% with transportation costs up by 0.8%. Rising consumer prices in the Euro-zone’s second largest economy will put the ECB alert. There is little chance that the central bank will raise rates tomorrow but we could see a change in their rhetoric as the sole mandate is to provide price stability. To discuss this and other topics, please visit the Euro Forum.
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More Articles
- Euro Tumbles amid Greece Concerns, U.K. Mortgage Approvals Disappoint
- BoE Remains Cautious Despite Unexpected Improvement in Labor Market
- European Investor Confidence Weakens for a Sixth Consecutive Month
- Euro-Zone Employment Extends Five Month Decline, Swiss Producer & Import Prices Tumble in February
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