Forexlive European Wrap – The Carney Code
Swiss consumer confidence rises 8 points to -6
French Merc trade E-5.4bn from E-4.3bn
UK IP & MP up 1.1% & 1.6% respectively
UK Merc trade £-8.9bn from £-9bn exp
German IP 0.3% up from 0.2% m/m
Spanish IP -6.9% from -6.6%exp y/y
BOE and ECB Rates unchanged
EUR/USD was steady after an initial early run up from the 1.3500 level we've had some position adjustment movements ahead of the ECB taking us to a high of 1.3577. We've settled back down to the 1.3550 level ahead of Mr Draghi.
GBP/USD got a bit over excited at some of the comments from the treasury select committees interview of new BOE governor elect Mark Carney. We spiked from around the 1.5660/80 area up to a high of .1.5767. We've since fallen down to the 1.5700 area. When all said and done Mr Carney didn't really rock the boat or offer to re-invent the wheel. There was nothing in his statement that we didn't already know needed to happen with monetary policy anyway.
USD/JPY had a half hearted attempt up towards 94, stalling in the low 90's
All eye's now on Mario, sharpen those pencils people. ;-)
Not sure what time Adam is on so I'll carry on regardless. Hope it hasn't been to painful for you and I thank you for your kind words of welcome and understanding on my first day.
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