Gross Domestic Product for UK at 0.5%
Wednesday, 25 May 2011 12:25
British Gross Domestic Product grew by 0.5%, remaining at the same pace as previous releases. The news initially dropped the currency versus the Dollar, slowly recovering to climb at its currenct point of 1.6183.
Read MoreEuro slips as there is no handle to hold on
Wednesday, 25 May 2011 12:12
Troubles in Europe are making it hard for the European currency to stand on its feet. Greece’s debt crisis pulled the Euro lower than it has been since March. The Euro seems to be depending on daily news, such as German IFO results and Greece’s false news of snap elections in order to attempt to make a higher move. Yesterday’s German IFO news pushed a Euro up for an instant, before fading away to drop again.
Read MoreFurther ‘negative’ outlook for Sterling
Tuesday, 24 May 2011 12:06
UK Data was released with higher than expected results, which this time not good news for the currency. Public Sector Net Borrowing was released at 7.7 billion from being forecasted at 5.0 billion. It would have marked good news for the English currency if the forecasted number was greater than the actual number released.
Read MoreGerman IFO remains unexpectedly steady
Tuesday, 24 May 2011 11:52
Anxiously anticipated German IFO Business climate news remained at a steady rate of 114.2, while expectations discussed the possibility of the German IFO to come out at 113.9. Shortly after the positive news release, EUR/USD jumped from 1.4060 to trade at 1.4093; its current point. The European currency struggles to make a recovery after yesterday’s heavy downfall below the line of 1.40. After the currency fell to 1.3969, it attempted a recovery to keep itself off the 1.3950 resistance level.
Read MoreU.K on ‘negative’ outlook by Chinese rating firm
Tuesday, 24 May 2011 11:19
Moody’s Investor Services placed 14 U.K financial institutions in for reviews; such as Lloyds TSG, CO-OP bank, RBS, Santander UK Plc etc. Possible downgrade is imminent. Meanwhile, China’s rating firm (Dagong Global Credit rating) pushing the United Kingdon off by a notch from Aa- to A+.
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