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The US Dollar exchange rate eases off its 3 year high?s
Published: 11 Jul at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Euro Crisis, Yen Exchange Rate, UK, Economy,
Having reached a 3 year high against both the pound and the Japanese Yen on Tuesday, the US dollar eased considerably last night following more dovish than expected minutes from the last Federal Reserve policy meeting.
The minutes showed that the members of the Federal Open Market Committee (FOMC) are deeply divided on the future of the long running stimulus programme.
The minutes show that over half the central bank officials think the Fed should start to taper-off its $85 billion per month bond-buying programme by the end of this year with Fed Chief Ben Bernanke said that the central bank was in 'no hurry' to increase rates even when the jobless rate falls to its 6.5% target.
The pound remains under pressure across the board after the very dovish comments from the Bank of England policy meeting held under the auspices of new Governor Mark Carney last week and on weaker than expected UK industrial production data out this week.
Meanwhile, credit ratings agency Moody’s has upgraded the outlook for the British banking sector for the first time since 2008, moving it from a negative outlook to stable and the Office for National Statistics reported yesterday that the gap between rich and poor in the UK has narrowed as disposable incomes in the best-off households fell by nearly 6.8% between 2007/08 and 2011/12 while the incomes of the poorest have grown by 6.9% in the same period according to the latest statistics.
In the euro zone, one day after credit ratings agency Standard & Poor's downgraded Italy's rating due to its financing difficulties, the Italian Treasury saw its borrowing costs rise to a four-month high at its latest sovereign debt auction. The Italian Treasury issued 12-month bills totalling €7 billion at a yield of 1.078%, the highest since March and up from the 0.962% registered in June.
Separately, the Bank of Italy released its economic forecasts, suggesting that Italy’s gross domestic product (GDP) will contract by around 2% in 2013 but then grow by more than 0.5% in 2014.
Bank of Italy Governor Ignazio Visco assured that monetary policy will support the economic recovery and that the Italian economy could not permit a drop in investor confidence.
Finally, overnight the Bank of Japan reported that for the first time in more than two years, the Japanese economy seems to be “recovering”.
The minutes showed that the members of the Federal Open Market Committee (FOMC) are deeply divided on the future of the long running stimulus programme.
The minutes show that over half the central bank officials think the Fed should start to taper-off its $85 billion per month bond-buying programme by the end of this year with Fed Chief Ben Bernanke said that the central bank was in 'no hurry' to increase rates even when the jobless rate falls to its 6.5% target.
The pound remains under pressure across the board after the very dovish comments from the Bank of England policy meeting held under the auspices of new Governor Mark Carney last week and on weaker than expected UK industrial production data out this week.
Meanwhile, credit ratings agency Moody’s has upgraded the outlook for the British banking sector for the first time since 2008, moving it from a negative outlook to stable and the Office for National Statistics reported yesterday that the gap between rich and poor in the UK has narrowed as disposable incomes in the best-off households fell by nearly 6.8% between 2007/08 and 2011/12 while the incomes of the poorest have grown by 6.9% in the same period according to the latest statistics.
In the euro zone, one day after credit ratings agency Standard & Poor's downgraded Italy's rating due to its financing difficulties, the Italian Treasury saw its borrowing costs rise to a four-month high at its latest sovereign debt auction. The Italian Treasury issued 12-month bills totalling €7 billion at a yield of 1.078%, the highest since March and up from the 0.962% registered in June.
Separately, the Bank of Italy released its economic forecasts, suggesting that Italy’s gross domestic product (GDP) will contract by around 2% in 2013 but then grow by more than 0.5% in 2014.
Bank of Italy Governor Ignazio Visco assured that monetary policy will support the economic recovery and that the Italian economy could not permit a drop in investor confidence.
Finally, overnight the Bank of Japan reported that for the first time in more than two years, the Japanese economy seems to be “recovering”.
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Source: moneytransfer.co.uk