Home » Currency Market Update 13/01/10

The Pound had a good day yesterday against the majors. UK data out Tuesday showed a positive stance. However one disappointing release was the RICS House Price Balance which unexpectedly dropped back from a three-year high. Easily counteracting that was, the BRC Retail Sales Monitor for December. The report showed a 6 percent jump in total sales that marked the best reading in four years. Not quite as impressive, the nation's trade deficit improved slightly. A 6.78 billion pound shortfall was assisted by a 0.1 percent increase in exports to their highest level in a year. I would however refrain from celebrating as any gains could be lost as more UK data comes out this week. I feel as the elections draw closer the pound could make some gains as the Government try and generate a feel good factor portraying a positive stance to the economy. This could be a more political than mathematical position and any gains made could collapse with the outcome of a new or reelected government.

Data released 13th Jan
UK NIESR GDP Est.
FR CPI
FR HICP
FR Current Account
DE GDP
UK Industrial Production
UK Manufacturing Production

Live IB Rates 9.00 am
GBP-EURO 1.119
GBP-USD 1.622
GBP-AUD 1.754
EURO-USD 1.448

 

Phil Bennetts