Phil Bennetts

Currency Market Update 23/11/09



Posted: Monday, November 23, 2009

by
Foreign Exchange Explained

The Pound after a good start to last week the pound came under pressure towards the end against both the Euro and the Dollar. With another big week on data the markets could be quite volatile and it could be a good opportunity to take advantage of stops and limits

The Dollar the safe haven dollar strengthened further on Friday after poor housing and unemployment data in the US raised fears that the economy will be weak next year. Treasury yields hovered around the lows for the year as concerns about the economy in 2010 damped down trader's appetite for risky bets.

The Euro ECB President Jean-Claude Trichet said some stimulus measures in the Euro Zone were no longer needed to the same extent. He said those measures that pose "a threat to the achievement of price stability must be undone promptly and unequivocally". This again could be seen as a positive by traders and put the Pound and Dollar under more pressure.

 

Interbank Rates at 7.45 am UK Time

GBP-EURO 1.106

GBP-USD 1.657

GBP-AUD 1.795

Major Data out today

AU New motor vehicle sales
GB Nationwide house prices
EU Flash Services PMI
CA Retail Sales
 
Phil Bennetts
Currency Exchange Service



Phil Bennetts
Currency Exchange Service
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