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Day: February 16, 2011
February 162011
King Cools Expectations for Interest Rates Hike, Sterling Drops
The Great Britain pound weakened today after Bank of England Governor Mervyn King suggested that the Bank isn’t ready for the interest rates hike. The inflation exceeded the target of the BoE for more than a year, causing the Governor to write the explanation to Chancellor George Osborne. This letter fueled hopes for the increase of the interest rates. King cooled these expectations today at the press conference about the Inflation Report in London: The market has gotten it […]
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February 162011
Australian Dollar Rises as Asian Stocks Gain
The Australian dollar recovered from the two-year low after the Asian stocks advanced, increasing demand for the higher-yielding currencies. The MSCI Asia Pacific Index of shares gained 0.3 percent. The minutes of the Monetary Policy meeting of the Reserve Bank of Australia’s board signaled that an increase of the interest rates may be performed in the near future: Given the medium-term outlook for the economy, and the limited amount of spare capacity that existed, members judged that this slightly […]
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February 162011
EUR/USD Trades Flat After Release of US Economic Reports
EUR/USD was sliding today before the macroeconomic reports from the US were released. The reports showed that US economic growth was slower than estimated, allowing the euro to strengthen a little. EUR/USD now trades almost flat at 1.3502 after jumping as high as 1.3570. Building permits were at a seasonally adjusted annual rate of 562k in January, almost at the predicted value of 570k and below the revised December rate of 627k. Building permits […]
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February 162011
Great Britain Pound Rises as BOE Governor Expects High Inflation
The Great Britain pound gained as Bank of England Governor Mervyn King was hawkish about the inflation, causing the speculation that the Bank may raise the interest rate soon. King wrote in his letter to Chancellor George Osborne: Inflation is likely to continue to pick up to somewhere between 4% and 5% over the next few months, appreciably higher than when I last wrote to you. That primarily reflects further pass […]
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