Currency Market Update 14/01/10
Posted: Thursday, January 14, 2010
by Phil Bennetts
Foreign Exchange Explained
The Pound According to the National Institute of Economic and Social Research the U.K. economy emerged from the worst recession on record in the fourth quarter.
GDP grew 0.3 % after shrinking 0.2 % in the third quarter, the institute, whose clients include the Bank of England and the Treasury, said in an e- mailed statement yesterday in London. The economy shrank 4.8 % in 2009, more than any year of the Great Depression and the most since 1921.
Andrew Sentance policy maker at the BOE told the Guardian newspaper that the early months of the recovery may "feel fragile and uncertain."
Yesterdays manufacturing data showed an unexpected stall for second month, in November. This could indicate that the economy is still struggling to get any momentum. Its reported that the U.K. has lost 6 % of GDP since the first quarter of 2008 the worst figure since records began.
The Dollar An administration official told Bloomberg yesterday that President Barack Obama is going to announce his intention to impose a fee on more than 20 of the country's largest banks and financial institutions to help recoup the taxpayer bailout money and trim the federal budget deficit.
The fees, expected to be spread over 10 years and will be based on the leverage or amount of liability each firm has. Obama will outline his proposal to raise as much as 120 billion US Dollars at a White House event today.
GDP grew 0.3 % after shrinking 0.2 % in the third quarter, the institute, whose clients include the Bank of England and the Treasury, said in an e- mailed statement yesterday in London. The economy shrank 4.8 % in 2009, more than any year of the Great Depression and the most since 1921.
Andrew Sentance policy maker at the BOE told the Guardian newspaper that the early months of the recovery may "feel fragile and uncertain."
Yesterdays manufacturing data showed an unexpected stall for second month, in November. This could indicate that the economy is still struggling to get any momentum. Its reported that the U.K. has lost 6 % of GDP since the first quarter of 2008 the worst figure since records began.
The fees, expected to be spread over 10 years and will be based on the leverage or amount of liability each firm has. Obama will outline his proposal to raise as much as 120 billion US Dollars at a White House event today.
The Euro According to the Federal Statistics, Germany Europe's largest economy has stagnated over the fourth quarter, ending the worst year since World War 2. GDP remained at the same level as the previous quarter and a mist of uncertainty remains with investors and analysts alike.
Data released 14th Jan
AU Unemployment
AU Employment
DE CPI (F)
DE HICP (F)
EURO Industrial production
US Initial Claims
US Retail Sales
US Retail Sales Ex Autos
US Import prices
Live IB Rates 9.00 am
GBP-EURO 1.122
GBP-USD 1.629
GBP-AUD 1.75
EURO-USD 1.452
Phil Bennetts
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