Daily Archives: January 14, 2011
Producer Price Index leads to minor Sterling strength
This morning saw the release of the Producer Price Index for the U.K and all figures came out better than expected. This data is a measurement of the price change in goods produced by U.K manufacturers, and a positive reading is seen as positive for the Pound.
Also we saw much worse than expected trade balance figure for Europe which has margnially weakened the Euro too.
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Euro gains back some ground following better than expected Spanish bond sales
The Pound has lost an awful lot of ground against the Euro over the past 24 hours following much better than expected bond sales in Europe… of course I expected rates to creep up over and above the 1.20 barrier along with many other analysts however we have seen quite the opposite over the past day or so… Once again clearly highlighting just how quickly the markets can move and how even people that deal with the markets on a day to day basis can still get it slightly wrong.
Personally I still expect a decent year for the Pound against the majority of majors, and my Dollar prediction is spot on so far, it just may be the case that we see a few dips along the way with factors such as this.
The bond sales suggested that Spain may be a little further from a bailout than originally thought hence the fact confidence flooded back in for the Euro yesterday however this may just be a short term bit of strength for what is in my opinion a very fragile currency.
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