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Money Transfers from UK: GBP has a Better Day
Published: 15 Mar at 3 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Currency Exchange, Euro Crisis, Yen Exchange Rate, UK, Economy, Spain,
The absence of any fresh economic data until next week and some unusually positive comments from the Governor of the Bank of England, Sir Mervyn King saw the pound pick up against both the euro and the US dollar.
Sir Mervyn said that an economic recovery in the UK is 'in sight' and that there has been 'good progress' made towards a new, sustainable economy.
Elsewhere, the better than expected recent data from the US has firmly moved the markets into ‘risk appetite’ mode to the benefit of high yielding currencies like the Australian dollar.
The Australian dollar reached a 5 week high against the US dollar yesterday and a 29 year high against the pound as data showed exceptionally strong domestic labour-market conditions in Australia. Data showed that a total of 71,500 jobs were added in Australia in February after just 13,100 were gained in January. The jobless rate stayed unchanged at 5.4%.
The report was more than strong enough to curtail speculation of a further rate cut from the Reserve Bank of Australia, prompting a further move upwards by the Australian dollar.
In Japan, the Japanese parliament has approved the nominations for the top three jobs at the central bank, the Bank of Japan including the appointment of Haruhiko Kuroda as Governor. The move "usher[s] in a new era of more aggressive monetary easing in the world's third-largest economy" according to analysts.
A quieter day for the euro saw the currency strengthen as the latest European Union (EU) summit began in Brussels with some EU member states calling for greater flexibility on deficit targets and a focus on growth over austerity.
The euro also found support as the Spanish Treasury managed to pull off three simultaneous auctions of long-term sovereign debt with solid demand and lower yields yesterday. The Spanish Treasury sold a total of €803 million in three separate issues in contrast to the results of the Italian auction earlier in the week which saw weakening demand and the Italian Treasury having to pay the highest yields so far this year to secure the placement.
Sir Mervyn said that an economic recovery in the UK is 'in sight' and that there has been 'good progress' made towards a new, sustainable economy.
Elsewhere, the better than expected recent data from the US has firmly moved the markets into ‘risk appetite’ mode to the benefit of high yielding currencies like the Australian dollar.
The Australian dollar reached a 5 week high against the US dollar yesterday and a 29 year high against the pound as data showed exceptionally strong domestic labour-market conditions in Australia. Data showed that a total of 71,500 jobs were added in Australia in February after just 13,100 were gained in January. The jobless rate stayed unchanged at 5.4%.
The report was more than strong enough to curtail speculation of a further rate cut from the Reserve Bank of Australia, prompting a further move upwards by the Australian dollar.
In Japan, the Japanese parliament has approved the nominations for the top three jobs at the central bank, the Bank of Japan including the appointment of Haruhiko Kuroda as Governor. The move "usher[s] in a new era of more aggressive monetary easing in the world's third-largest economy" according to analysts.
A quieter day for the euro saw the currency strengthen as the latest European Union (EU) summit began in Brussels with some EU member states calling for greater flexibility on deficit targets and a focus on growth over austerity.
The euro also found support as the Spanish Treasury managed to pull off three simultaneous auctions of long-term sovereign debt with solid demand and lower yields yesterday. The Spanish Treasury sold a total of €803 million in three separate issues in contrast to the results of the Italian auction earlier in the week which saw weakening demand and the Italian Treasury having to pay the highest yields so far this year to secure the placement.
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Source: moneytransfer.co.uk