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September 15, 2009
by Elaine Frei
The British pound was weaker Tuesday after Bank of England Governor Mervyn King said that the Bank could soon cut the rate paid for the Bank of hold reserves.
Banks are now paid 0.5 percent on deposits of their reserves held by the Bank.
The pound traded at 88.89p to the shared currency in afternoon trade in New York, while it took $1.6403 to ...
September 11, 2009
by Elaine Frei
The US dollar weakened Friday on decreased demand in favor of higher yielding currencies after a Reuters/University of Michigan survey showed US consumer sentiment at 70.2 in September, from 65.7 last month.
The rise in sentiment sent investors looking for riskier investments at the expense of the lower-yielding dollar, but the greenback gained back declines versus the euro after a scare ...
August 28, 2009
by Elaine Frei
The yen was weaker Friday as Japan’s unemployment rate was reported at 5.7 percent in July and as consumer prices dropped 2.2 percent from last year.
The yen recovered slightly as the session progressed on a new US consumer confidence report, but the news on jobs and deflation seemed make it more likely that the ruling Liberal Democratic Party will lose ...
August 25, 2009
by Elaine Frei
The US dollar weakened in relation to the euro and the yen Tuesday as US consumer confidence was reported up in August and as home prices fell less quickly, reducing demand for the greenback as a safe investment.
The Conference Board reported that its consumer confidence index as at 54.1 in August, up from 47.4 in July and higher than expected, while property ...
August 19, 2009
by Elaine Frei
The pound weakened versus the greenback and the euro Wednesday after a release of the minutes of the most recent Bank of England Monetary Policy Committee meeting showed that Bank Governor Mervyn King wanted more spending for asset purchases to help the UK economy than the £50 billion pounds in extra spending that was approved by the Committee.
According to the minutes, two ...
August 17, 2009
by Elaine Frei
The pound weakened Monday after Rightmove Plc (LSE: RMV) issued a report showing that the average price of a house in the UK dropped 2.2 percent in August.
Mid-morning trade in New York found the pound trading at 86.26p to the euro while it took $1.6305 to buy a pound and the yen traded at ¥154.1741 to the UK currency.
The US dollar and ...
August 14, 2009
by Elaine Frei
The euro was weaker versus the US dollar and the yen Friday on new data showing that consumer prices fell 0.7 percent from last year in Europe and that while US consumer prices were unchanged in July from June but dropped 2.1 percent from last year in July.
In late morning trade in New York, the dollar traded at $1.4243 to the ...
August 12, 2009
by Elaine Frei
The pound weakened in relation to the euro Wednesday, trading at 85.97p to the shared currency on a Bank of England forecast that inflation will remain below 2 percent and could go below 1 percent, and that economic recovery will continue to be slow.
According to the UK Office for National Statistics, consumer inflation there was at an annual rate of 1.8 percent ...
August 11, 2009
by Elaine Frei
The Japanese yen strengthened was stronger Tuesday as US equities markets declined and new data out of China showed fewer loans granted and 23 percent less exports leaving China last month.
In mid-morning trade in New York, the yen traded at ¥135.6305 to the euro and at ¥95.945 to the US dollar, while it was at ¥158.2728 to the pound and was ...
July 8, 2009
by Elaine Frei
The pound was weaker Wednesday after UK house prices fell in June and a former Bank of England official said that the real estate market could have a slow recovery.
House prices in the UK dropped by 0.5 percent in June after having risen 2.6 percent in May, according to Halifax, a unit of Lloyds Banking Group (LSE: LLOY), and had been ...
July 2, 2009
by Elaine Frei
The pound advanced versus the euro Thursday, trading at 85.43p to the shared currency at around 2:30 p.m. in New York, but dropped versus the US dollar at the same time as the greenback traded at $1.641 versus the UK currency.
Testimony of economist David Miles before the Treasury Committee of Parliament, who said that UK banks remain in trouble and that a return ...
June 29, 2009
by Elaine Frei
The US dollar strengthened in relation to the Australian dollar Monday after a Chinese official from China’s State Administration of Foreign Exchange said there will be no sudden changes in its policies regarding its foreign exchange reserves and wrote that the dollar might remain the main reserve currency around the globe.
In mid-morning trade in New York the dollar traded at 80.63 cents US ...
June 16, 2009
by Elaine Frei
The US dollar was weaker in relation to the euro Tuesday as sentiment improved in Germany and demand for the greenback as a safe investment declined after housing starts were reported higher in the US in May.
The ZEW index of investor and analyst expectations stood at 44.8 this month, showing that German sentiment has risen to its highest level in three years, ...
June 15, 2009
by Elaine Frei
The pound weakened versus the US dollar and the yen Monday after the Confederation of British Industry said that the UK economy will likely not return to growth until next year.
At just before 10:30 a.m. in New York, the pound was up at 84.66p to the shared currency, but the US dollar had gained on the pound to $1.6351 while at the same ...
June 10, 2009
by Elaine Frei
The pound strengthened Wednesday on gains in equities markets and on new data showing that factory production in the UK was up 0.2 percent in April over May’s numbers, news that came after recent numbers showing that house prices are up in the UK and that the services sector there is also up.
Additionally, Prime Minister Gordon Brown has apparently avoided resignation for ...
June 9, 2009
by Elaine Frei
The pound strengthened Tuesday after the Royal Institution of Chartered Surveyors reported that only 44.1 percent more estate agents said home prices fell last month that reported gains in prices, the most positive result in over a year and a half.
The possibility that the political situation in the UK is stabilizing after a meeting between Prime Minister Gordon Brown and members of ...
June 8, 2009
by Elaine Frei
The pound weakened during the day Monday on new calls for UK Prime Minister Gordon Brown to resign after his ruling Labour Party sustained a defeat in last week’s European Union elections.
Comments from a former official of the Bank of England in a television interview that the Bank could print more money in order to buy more assets also hurt the UK ...
June 5, 2009
by Elaine Frei
The pound weakened Friday as at least one more government official, the Defence Minister, resigned and there were continued calls for Prime Minister Gordon Brown to follow suit.
Instead, Mr. Brown made alterations to his cabinet by moving his Health Secretary to the Home Office.
At nearly 11 a.m. in New York, the pound traded at 87.44p to the euro while it took ...
June 4, 2009
by Elaine Frei
The pound was weaker Thursday on rumors that Prime Minister Gordon Brown was to resign in the wake of four resignations by members of Parliament over charges of inappropriate personal spending, speculation that was denied by a government spokesman.
Meanwhile, the Bank of England held interest rates steady at 0.5 percent and said it would not purchase any more gilts than those already announced, while Halifax, part ...
June 3, 2009
by Elaine Frei
The pound was weaker Wednesday on declines in equities markets declined and after a downgrade of US equities markets by Credit Suisse (SWX: CSGN; NYSE: CS).
The weakening came despite reports of growth in the UK services sector and better consumer sentiment in the UK in May.
At just past 11:30 a.m. in New York the pound traded at 86.53p to the ...
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