Free Trial

Sterling let down by poor production..........>

FOREX
FOREX: Sterling let down by poor production numbers, USD mixed amid nervy equity
markets.
-GBP/USD dropped through the Asia lows after manufacturing production growth
slowed to the lowest rate of growth in close to a year, dragging GBP off what
was initially a strong performance after the BoE's hawkish tones yesterday. NOK
is at the bottom of the G10 table after CPI slumped and AUD is having a rare up
day as lumpy option expiries keep AUD/USD afloat, countering the relatively
dovish SOMP overnight.
-USD/JPY has reclaimed Y109 after the equity market inspired fall yesterday and
JPY remains generally weaker ahead of what is indicated to be a positive start
to the Friday Wall Street session (as per US equity futures).
-EUR's had a quiet morning, trading in a tight 30 pip range in Europe as markets
await fresh cues from the US. The USD index looks mixed and is a follower, not a
leader, so far today.
-Attention turns to Canada's jobs figures at 1330GMT before US wholesale numbers
at 1500GMT. BoE's Cunliffe speaks in California at 1645GMT.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.