We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
More View more
Real Time News
  • 🇯🇵 JPY Industrial Production (YoY) (OCT F), Actual: -7.7% Expected: N/A Previous: -7.4% https://www.dailyfx.com/economic-calendar#2019-12-13
  • Heads Up:🇯🇵 JPY Industrial Production (YoY) (OCT F) due at 04:30 GMT (15min), Actual: N/A Expected: N/A Previous: -7.4% https://www.dailyfx.com/economic-calendar#2019-12-13
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/vKhjtd86RV
  • SNP is feeling pretty good tonight. #indyref2 is coming. Just a matter of when. #indyref2020? #Brexit #UKElection #UKelection2019 https://t.co/WYmQK84Mfd
  • RT @IGSquawk: Jo Swinson loses her seat to the SNP by 149 votes. #UKElection
  • RT @bbclaurak: Separately SNP sources believe they have beaten Jo Swinson - tonight may have claimed Lib Dem Leader, DUP Westmin leader, an…
  • Get your $GBP reaction to the latest #GE2019 results. Join our live coverage with @JMcQueenFX to follow the release and its impact live today at 11:30PM EST/ 4:30GMT: https://t.co/8rzLPMJ6tE #UKElection https://t.co/h7cLIuOJ2O
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.53% Gold: -0.12% Silver: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cRuZTQ2amT
  • My trading video amid all this volatility: 'S&P 500 and Risk Trends Next Steps After #TradeWar, #Brexit Developments' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/13/SP-500-and-Risk-Trends-Next-Steps-After-Trade-Wars-Brexit-Developments.html?CHID=9&QPID=917719
  • Jeremy Corbyn steps down as Labour leader $GBP
British Pound Little Changed in Asia, Industrial Production on Tap Ahead

British Pound Little Changed in Asia, Industrial Production on Tap Ahead

2010-03-10 06:14:00
Ilya Spivak, Sr. Currency Strategist

Key Overnight Developments

• Westpac Says Australian Consumer Confidence May Decline Ahead
• Australian Home Loans Drop Most in Nearly a Decade on Rates, Grants

Critical Levels


The Euro and the British Pound were little changed against the US Dollar with prices treading water in familiar territory throughout Asian trade. We remain short EURUSD at 1.4881 and GBPUSD at 1.5765.

Asia Session Highlights


Australian Home Loans unexpectedly fell 7.9 percent in January, marking the largest decline in nearly a decade, after the central bank raised interest rates while the government reduced cash handouts to first-time homebuyers. Excluding refinancing of existing mortgages, loans fell by an even more pronounced 8.2 percent. The Value of Loans fell 5 percent, the most since April 2008. Reserve Bank of Australia Governor Glenn Stevens has previously acknowledged that “lenders have generally raised rates a little more than the [central bank’s benchmark borrowing costs] over recent months.” Grants for Australians purchasing their first home were reduced to their original amount of A$7,000 in January after being tripled to A$21,000 as part of the 2008 stimulus package.

Separately, an index of Australian Consumer Confidence compiled by the Westpac Banking Corp rose 0.2 percent in March. The details of the report pained a mixed picture, with expectations of household finances in a year from now rising 5.5 percent while those of the overall economy declined for the second consecutive month, down 1.9 percent. Westpac chief economist Bill Evans referred to the outcome as “a solid result” but cautioned that RBA rate hikes may start to weigh on sentiment in the months ahead, saying “rates have not reached the point where increases have a major impact on confidence.”

Euro Session: What to Expect


Germany’s Trade Balance surplus is expected to expand to 14.5 billion euro in January as export volumes rise to the highest in 14 months, adding 0.5 percent from the previous month on the lingering effects of over $2 trillion in global stimulus efforts and buoyant Asian demand, particularly from China. Overseas sales may begin to flounder in the months ahead however; indeed, China’s Customs General Administration reported today that imports from Germany fell to the lowest in nine months in February. Separately, the final revision of February’s Consumer Price Index figures is set to confirm the annual pace of inflation slumped to 0.4 percent in February.

UK Industrial Production is set to fall 0.8 percent in the year to January, the smallest decline in nearly two years. However, yesterday’s unexpected 4.4 percent drop in exports – the largest in over three years – bodes ill for manufacturing going forward, hinting that lackluster demand will keep output subdued even as the government makes a push to make overseas sales the center-piece of its strategy to build a firm recovery in Europe’s third-largest economy. That said, number of leading output indicators remain well-supported, with a gauge of production expectations from the Engineering Employers Federation turning positive for the first time since 2008 last month while Manufacturing PMI held at the highest in at least three years over the same period. Rumors suggest that heavy snowfall created logjams at ports in January, which may resolve the disconnect between trade and these leading figures, so traders will likely need to wait for further evidence before making any firm conclusions about the trajectory of the UK industrial sector.

For real time news and analysis, please visit http://forexstream.dailyfx.com

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.