Foreign Exchange Daily News Friday 7th December, 2012
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This morning as we write the pound sterling has followed its European counterpart on Thursday. It has fallen from the boundaries of 1.6130 to the actual 1.6050 region after the BoE has left its monetary policy unmodified, succumbing afterwards to the general bearishness after the press conference by President Draghi.
We have also seen poor data out of the UK trade balance which has collaborated in the negative sentiment. Today’s docket in the British economy comprises industrial and manufacturing production and consumer inflation expectations.
There has been positive news from the USD with the pace of service sector growth in the world’s biggest economy continued to gain momentum in November, while the number of new orders rose as well, giving a positive sign for the economy. The Institute for Supply Management said its services index climbed to 54.7 last month, up from 54.2 the month before.
The foreign exchange news regarding the sentiment surrounding the bloc currency remains depressed on Friday, prolonging yesterday’s decline after the dovish press conference by President Mario Draghi.
The euro fell from Thursday’s tops above 1.3080 to the key level at 1.2950 after the ECB now expects the euro zone to contract 0.3% in 2013 and to grow 1.2% in 2014
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