FX markets await US employment figures
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
This morning FX markets are fairly quiet awaiting the key US employment figures at 13:30.
Yesterday the Bank of England held rates at 0.5% as well as holding the quantitative easing programme at £200 billion. Cable was quick to attempt to break to the upside but was rejected at the previous day’s high as traders took advantage of the spike. The market was quickly reminded that although the UK economy has returned to growth recessionary pressures remain.
The minutes of the meeting which are due to be released in two weeks time will be watched closely.
The Euro looks fairly stable this morning with Greece jitters easing, the single currency is trading inside the previous day’s range against both the US dollar and Sterling.
As the European Central Bank and Bank of England have now released their figures which were in line with expectations, the focus will move over to the US. There is risk of a potential disappointment, the FX markets look to have adjusted to a more cautious forecast.
Friday 05 March 2010, 12:18pm
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