UK CBI Industrial Orders Expectations Released
February 18, 2009 by Danish FX · Leave a Comment
The UK CBI Industrial Orders Expectations came out below expectations at -56 from the previous -48. A rise to -45 was forecast.
The GBP initially softened up after this data but quickly regained those loses. The currency has rebounded from ealier session lows and is taking a bit of a breather after a pretty busy night.
UK’s MPC Meeting Minutes Released
February 18, 2009 by Danish FX · Leave a Comment
BOE MINUTES: MPC VOTED 8 TO1 TO CUT RATES BY 50BPS TO 1.00% ON FEB 5TH; DISCUSSED QUANTITATIVE EASING
- Crucial that DMO policy consistency with action of MPC
- Buying commercial paper, corporate bonds via AFP to increase liquidity
- Likely to purchase a range of assets in due course
- BOE says lower rates might hurt bank profits
- Sterling drop will increase import prices
- Monetary policy should not try to stop adjustment
- Blanchflower sought 100bps interest rate cut and stated that should reach lower boundary without delay
GBPUSD Falls to Session Lows Behind Threat to Britain’s Credit Rating
February 18, 2009 by Danish FX · Leave a Comment
Telegraph: Britain’s AAA credit rating threatened by scale of bank bail-out
The GBP has dropped to session lows across the board
GBP Gets Hit
February 11, 2009 by Danish FX · Leave a Comment
Following the bearish comments from BoE’s King, bleak inflation report, and troubled economic outlook for the UK, the GBP took a major hit across the board. The GBPUSD and GBPJPY continue to fall to session lows as the EURGBP hit a fresh session high…
Bank of England Inflation Report Released
February 11, 2009 by Danish FX · Leave a Comment
BANK OF ENGLAND QUARTERLY INFLATION REPORT: GROWTH RISKS “HEAVILY WEIGHTED” TO THE DOWNSIDE; UK IN DEEP RECESSION
- Lending to companies still slowing, restoring confidence will take time
- Global trade contracting rapidly
- Policy stimulus will significantly increase demand
- GDP and CPI prospects unusually uncertain
-Note: Back on 11 Dec at last quarterly inflation report BoE stated it saw inflation falling below 2% target in 2009, and that inflation won’t return until 2011.
The GBP softened up, with the GBPUSD dropping below the 1.4500 handle following this release…
UK Data Released
February 11, 2009 by Danish FX · Leave a Comment
The UK Claimant Count Change came out at 73.8K from the previous 77.9K. A rise to 88.5K was forecast. This data now rose 12 months in a row.
The UK Average Earnings Index came out at 3.2% from the previous 3.1%. A drop to 3.0% was forecast.
The UK Unemployment rate rose to 6.3% from the previous 6.1%. A rise to 6.3% was forecast.
The GBP strengthened up after this data, coming off session lows thanks largely to the Claimant Count beating expectations.
The GBPUSD moved from session lows to the 200H MA following this data…
UK Trade Balance Released
February 10, 2009 by Danish FX · Leave a Comment
The UK Trade Balance came out at -7.4B from the previously revised -8.1B. -8.1B was once again forecast.
This data, despite beating expectations, did not help the GBP as the pair just made new session lows. The pair is taking a hit across the board as the major European equities, including the FTSE are all in the red.
UK Data Released
February 6, 2009 by Danish FX · Leave a Comment
The UK Manufacturing Production came out worse than expected at -2.2% from the previous -2.9%. A rise to -1.3% was forecast.
The UK PPI Input beat expectations at 1.5% from the previous -2.0%. A rise to 0.5% was forecast.
The UK Industrial Production number came out worse than expected at -1.7% from -2.3%. A rise to -1.2% was forecast.
The UK PPI Output beat expectations at 0.1% from the previous 0.0%. A drop to -0.1% was forecast.
The GBP was softening up into this number and continued to drop as the Production numbers fell short of forecast.
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