Market Overview

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.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Economics Markets Trading Ideas


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