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Economic Calendar | |||||
Date | Time * | Source | Description | Forecast | Previous |
9/25/2009 | 08:00 | EU | Euro-Zone M3 s.a. (YoY) | n/a | 3.0% |
9/25/2009 | 08:30 | UK | Total Business Investment (YoY) | n/a | -18.4% |
9/25/2009 | 12:30 | US | Durable Goods Orders | -0.6% | 5.1% |
9/25/2009 | 14:00 | US | U. of Michigan Confidence | n/a | 70.2 |
GBP
The Bank of England, European Central Bank, US Federal Reserve, and Swiss National Bank announced plans on Thursday to scale back their emergency lending programs that have injected trillions of dollars into banks. Speaking on behalf of the BOE, Mervyn King, the central bank governor, said that a weak pound was helping British exporters and the overall economy manage better during the recession.
The British pound fell to a 6 month low against the Euro, and the fervent pace of selling the Pound against the Euro resulted in 1700 EUR/GBP trades within an hour of King’s interview. The trade volume was the largest 1 hour volume in the Forex for over three months.
At 11:20 GMT, the Pound was down against USD by over 1.8% to hold at 1.6052, down 1.3% against the Euro to .9123, down .1.83% to the Japanese Yen to 146.46, down 1.25% to the Australian Dollar to 1.8555 and down 1.45% to the Swiss Franc to hold in at 1.6537.
Chart: USD/JPY
The battleground at 90.00 beckons once again as the end of the half year approaches. This will be an interesting area to watch - and USD/JPY is one of the few currency pairs actually seeing a rise in volatility of late.
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