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News of Chinese reforms drives risk appetite
Published: 19 Nov at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, New Zealand Dollar Exchange Rate, Canadian Dollar Exchange Rate, Euro Crisis, UK, Economy,
News over the weekend of the biggest reform package from the Chinese leadership since 1985 improved risk sentiment, drove the Dow Jones index in New York over the 16,000 level and aided the high yielding, risk based currencies like the Australian and New Zealand dollars.
The Chinese leadership outlined the biggest restructuring of its economy in decades. Amongst the stand-out measures were pledges that it would open the financial sector and relax investment restrictions as well as ease social policy by loosening its one-child policy.
The positive outlook was reinforced during the day yesterday by a better than expected report from the Bundesbank which expects solid economic growth in Germany.
In its November monthly report, the Bundesbank reported that Europe’s biggest economy would see its upturn consolidated in coming months due to domestic demand and an improved global environment. The report also cited the residential construction sector and private consumption, boosted by a robust labour market and strong wage increases to contribute to lift the economy despite a weaker export outlook.
Ahead of the key data out this week, the publication of the Federal Open Market Committee (FOMC) meeting minutes due out tomorrow, FOMC member William Dudley hinted that the US central bank will start to wind back its monetary stimulus from $85 to $70 billion a month at some point in 2014 depending on the economic outlook as in their opinion, the US economy is ‘faring better’.
Meanwhile, fellow FOMC member Charles Plosser went further by suggesting that in his opinion, the FOMC should bring its asset-purchase programme to a close in stark contrast to the recent comments from prospective new Fed Chief Janet Yellen who in her testimony to the Senate in her confirmation hearings last week said that the Fed should keep the quantitative-easing running at current levels for the foreseeable future.
On a slow news day in the UK, property website Rightmove reported that London asking prices for homes fell by 5% in November from the prior month to an average £517,276 and that across England and Wales, average prices declined by 2.4%. The pound declined against all 16 of the most actively traded currencies yesterday.
The Chinese leadership outlined the biggest restructuring of its economy in decades. Amongst the stand-out measures were pledges that it would open the financial sector and relax investment restrictions as well as ease social policy by loosening its one-child policy.
The positive outlook was reinforced during the day yesterday by a better than expected report from the Bundesbank which expects solid economic growth in Germany.
In its November monthly report, the Bundesbank reported that Europe’s biggest economy would see its upturn consolidated in coming months due to domestic demand and an improved global environment. The report also cited the residential construction sector and private consumption, boosted by a robust labour market and strong wage increases to contribute to lift the economy despite a weaker export outlook.
Ahead of the key data out this week, the publication of the Federal Open Market Committee (FOMC) meeting minutes due out tomorrow, FOMC member William Dudley hinted that the US central bank will start to wind back its monetary stimulus from $85 to $70 billion a month at some point in 2014 depending on the economic outlook as in their opinion, the US economy is ‘faring better’.
Meanwhile, fellow FOMC member Charles Plosser went further by suggesting that in his opinion, the FOMC should bring its asset-purchase programme to a close in stark contrast to the recent comments from prospective new Fed Chief Janet Yellen who in her testimony to the Senate in her confirmation hearings last week said that the Fed should keep the quantitative-easing running at current levels for the foreseeable future.
On a slow news day in the UK, property website Rightmove reported that London asking prices for homes fell by 5% in November from the prior month to an average £517,276 and that across England and Wales, average prices declined by 2.4%. The pound declined against all 16 of the most actively traded currencies yesterday.
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Source: moneytransfer.co.uk