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4 Aug 2014

Resilience is the name of the game for USD - Investec

FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, remarks the good performance of the USD.

Key Quotes

"We ended July reflecting on the largest down month in GBPUSD since October last year and August didn’t begin any better for the pound".

"The July UK manufacturing PMI released on Friday morning came in much weaker than expected at the lowest figure since June 2013 , triggering a renewed sell off in GBP, which dragged GBPUSD down below the key technical level of 1.6830."

"Dollar strength has been a vital element to this recent retracement in GBPUSD and this continued on Friday with a softer than expected Non-farm payrolls number across the pond which supported a buoyant dollar to close in the low 1.68’s. The jobs numbers, average earnings and headline unemployment rate were all worse than expected yet they held up at firm enough numbers to not de-rail the momentum in USD."

"The underlying reason for dollar strength has been market expectations around the Federal Reserve tightening monetary policy, potentially raising the Fed funds rate sooner and perhaps more quickly than markets had been expecting".

"The dip in US equity markets last week is further evidence of this as investors begin to consider the system will not be so awash with cash to invest as the Fed is down to $25bn per month in asset purchases, which has reduced from $85bn per month last October."
Aug 4, 2014

UK labour market remains firm - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale, assessed last Friday's US Payrolls....
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Aug 4, 2014

Juncker and Samaras meet to discuss Greek debt

During his visit to Athens on Monday Jean-Claude Juncker, incoming President of the European Commission, met with Greek PM Samaras to discuss the current economic situation of the country.
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