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20 Feb 2013

Session Recap: Pound tumbles on dovish BoE vote, Euro follows

The dollar trades higher versus most competitors, with sterling losses leading the way on an unexpectedly dovish BoE vote. However, the greenback lost some of its shine after the latest string of US data boosted risk appetite among investors. Still, Wall Street indexes opened nearly flat and commodity currencies remain under pressure. Looking ahead, the minutes of the last FOMC minutes will be published at 19:00GMT although there shouldn’t be anything surprising in there after the statement came in fully as expected.

Main Headlines in Europe (in chronological order):

Japanese PM Abe- says he will consider BOJ candidates after his US trip

BOJ’s Morimoto says they will carefully scrutunize asset purchases at each meetng to establish effect

Germany: Annual CPI at 1.7% in January

Euro dips as French budget minister says 3% deficit goal will be ” extraordinarily difficult”

UK: Claimant Count Change decreases more than expected in January

BoE Minutes: MPC voted 6-3 to keep stimulus steady

Forex: GBP/USD plunges on BoE meeting minutes

German Chancellor Merkel – ” we only have limited means to stimulate domestic economy”…


More Merkel – ” EURUSD at 1.30-1.40 is normal range”

Germany 10-y Bond Auction increase to 1.66% vs 1.56%

Euro supported by German fundamentals

European markets mixed on Wednesday, UK equities rise on BoE minutes

US: PPI rose 0.2% MoM in January

US: Building Permits rose by 925K in January

Commodities Brief – Precious metals retreat to summer levels ahead of FOMC
Feb 20, 2013

Commodities Brief – Precious metals retreat to summer levels ahead of FOMC

Earlier today, Gold Prices sustained a prolonged break below the 1600 region for the first time since mid-August. Ahead of the FOMC later today at 17:00 GMT, the yellow metal has been trading negatively since European trading, operating as low as 1588.25 (session low). At the onset of American trading Gold has recovered the USD $1590.05 level, though an early cessation of $85billion monthly bond purchases in 2013 could drive prices lower.
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Feb 20, 2013

EU Feb Consumer Confidence up to -23.6 vs -23.9 (Jan)

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