MARKET NEWS 8TH JULY 2010
Good Morning,
GBP
The major news from the UK today will be the announcement of the Bank of England Interest Rate decision. It is widely expected that the Bank of England will keep interest rates on hold at the current levels. However, last month a single member, Andrew Sentace, voted for a 0.25% rate hike. If similar occurrences happen this month then the Pound may well gain in strength.
EUR
The European Central Bank are likely to announce that they are keeping interest rates on hold at 1%. This comes a day after the Euro gained against the US Dollar to a fresh seven-week high. However, there are still severe concerns about the long-term debt levels within the Eurozone and this may well prevent any significant gains for the Euro.
USD
The US Dollar fell against most major currencies yesterday as investors sold-off the US Dollar in favour of equities and currencies such as the Euro. The majority of economic data will be released from Europe today, with the exception being the Initial and Continuing Jobless Claims. These are expected to fall which will give a boost to the US economy.
Chris Canning.
Archive News
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