Phil Bennetts

Currency Exchange Update 13/11/09



Posted: Friday, November 13, 2009

by
Foreign Exchange Explained

The Pound hit the weeks low against the dollar yesterday, as sterling weakness continued after the comments from the BOE governor Mervyn King said further Quantitative Easing measures are not being ruled out, he also highlighted the benefits of a weak currency. However Sterling rose against the euro late afternoon, retracing back from an earlier two-week low, with traders selling of Euros versus sterling by corporate accounts.

The Dollar gained on Thursday against the Pound and the Euro after a U.S. report showed initial U.S. weekly jobless claims were lower than initially expected. The report had a much greater impact on trading in recent months. The U.S. Labour Department announced that jobless benefit claims fell to 502,000 in the latest week from a revised 514,000 in the prior week.

The Euro all eyes will be on Germany and France this morning data out from both countries could have a big impact on both the Pound and USD status. The Pound has opened this morning with a surge against the Euro after GDP data for Germany was slightly worse than expected.

Major Data out today

DE GDP

FR CPI

FR HICP

EURO HICP

US  Univ of Mich Sent. (P)

Phil Bennetts

Foreign Exchange Explained

http://www.foreign-exchange-advice.info

Phil Bennetts
Currency Exchange Service
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