{"id":2888,"date":"2013-06-05T23:27:07","date_gmt":"2013-06-05T23:27:07","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=2888"},"modified":"2013-06-05T23:27:07","modified_gmt":"2013-06-05T23:27:07","slug":"gbp-rallies-against-greenback-ahead-of-highly-anticipated-boe-ecb-rate-meets","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/gbp-rallies-against-greenback-ahead-of-highly-anticipated-boe-ecb-rate-meets\/","title":{"rendered":"GBP rallies against greenback ahead of highly anticipated BoE, ECB rate meets"},"content":{"rendered":"<p><a href=\"https:\/\/plus.google.com\/111687047260609547765\/posts\"><b>Sinduja Venkat<\/b><\/a><\/p>\n<p>Good morning and welcome to today\u2019s foreign exchange market commentary on 5<sup>th<\/sup> of June.<b>\u00a0<\/b><\/p>\n<p><b>Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights:<\/b><\/p>\n<ul>\n<li>GBP rallies against greenback ahead of highly anticipated BoE, ECB rate meets<\/li>\n<li>EUR treading low ahead of ECB meet<\/li>\n<li>USD on the defensive from GBP rally, strong UK PMI underpins<\/li>\n<li>Abe\u2019s plan to revive Japan disliked by market participants<\/li>\n<li>RBA keeps policy rate unchanged<\/li>\n<\/ul>\n<p><b>CURRENCY RATES OVERVIEW\u00a0 <\/b><\/p>\n<p><b>GBP\/EURO \u2013 <\/b>1.1743<br \/>\n<b>GBP\/USD \u2013 <\/b>1.5351<br \/>\n<b>GBP\/CHF \u2013 <\/b>1.4530<br \/>\n<b>GBP\/CAD &#8211; <\/b>1.5863<br \/>\n<b>GBP\/AUD \u2013 <\/b>1.6050<br \/>\n<b>GBP\/ZAR \u2013 <\/b>15.1752<br \/>\n<b>GBP\/JPY \u2013 <\/b>152.9369<br \/>\n<b>GBP\/HKD \u2013 <\/b>11.9138<br \/>\n<b>GBP\/NZD \u2013 <\/b>1.9209<br \/>\n<b>GBP\/SEK \u2013 <\/b>10.1364<\/p>\n<p><i>Mid-market rates as of 2013-06-05 13:02 UTC<\/i><\/p>\n<p><b>Key releases in the next 24 hours that may affect currency date:<\/b><\/p>\n<p><b>Australia:\u00a0<\/b>AUD AiG Performance of Service Index (MAY)<br \/>\n<b>Europe:\u00a0<\/b>No Data<br \/>\n<b>United Kingdom:\u00a0 <\/b>No Data<br \/>\n<b>New Zealand:\u00a0<\/b>No Data<br \/>\n<b>United States of America:\u00a0<\/b>USD ADP Employment Change (MAY), USD Factory Orders (APR), USD USD ISM Non-Manufacutring Composite (MAY), USD US Federal Reserve Releases Beige Book<br \/>\n<b>China: <\/b>No Data<b><\/b><br \/>\n<b>Canada: <\/b>CAD Building Permits (MoM) (APR)<b><\/b><br \/>\n<b>Japan: <\/b>JPY Japan Buying Foreign Bonds (Yen) (MAY 31), JPY Japan Buying Foreign Stocks (Yen) (MAY 31)<\/p>\n<p><b>GBP rallies against greenback ahead of highly anticipated BoE, ECB rate meets<\/b><\/p>\n<p>GBP continued its advance against the greenback on Wednesday morning against both the euro and the USD. Expectations are rife that with the Euro also gaining against the USD, it is time for a scale-back of USD\u2019s strength. The GBP\/USD pair is now trading at the highest level it has been in a month. This trend looks more than likely to continue through this trading session ahead of of tomorrow\u2019s all-important Bank of England and European Central Bank rate decision meetings.<\/p>\n<p><b>EUR treading low ahead of ECB meet<\/b><\/p>\n<p>EUR treaded lows of 1.3051 against the USD on Wednesday morning ahead of the European Central Bank (ECB) policy meeting as an initial GDP indicator report witnessed growth rate contracting by another 0.2% in the first-quarter, while retail spending figure also dipped by a further 0.5% in April.<\/p>\n<p>As the Eurozone battles a prolonged recession, ECB continues to be all set to lower its outlook for growth and inflation, and it is expected that implementation of a negative interest rate policy \u00a0across the euro-area may become the flavor of the day as the governments operating under the Euro system become even more reliant on external monetary aid.<\/p>\n<p><b>USD on the defensive from GBP rally, strong UK PMI underpins<\/b><\/p>\n<p>USD continued to defend itself against most of its peers in its Wednesday trading session, with exceptions being the Yen and the GBP. The USD\/GBP pair increased to reach the 1.5370 region owing to \u00a0stronger-than-expected UK service PMI data.<\/p>\n<p><b>Abe\u2019s plan to revive Japan disliked by market participants<\/b><\/p>\n<p>On Wednesday the next steps of Japanese Finance Minister Abe plan to stimulate economic growth in Japan were unveiled plan. In what appeared to be a closely followed speech from Mr Abe, he stated that special economic areas would be created to attract foreign investors, incomes would be increased by 3% on an annual basis and the electricity industry would be fully liberalized. However the so-called \u201cThird Arrow\u201d reforms that he conveyed were not viewed in a positive light by Japanese markets. The Nikkei retracted by 3.8% following Mr Abe\u2019s speech.<\/p>\n<p><b>RBA keeps policy rate unchanged<\/b><\/p>\n<p>Growth figures released from Australia fell short forecasts and expectations yesterday, as a fall in levels of investment offset the progress made with regards to exports and consumer spending. Expansion in economy was observed at an annual rate of 2.5% in the January to March quarter. Compared with the previous three months, growth was pegged at 0.6%, however analysts had forecasted an annual growth rate of around 2.7%. Expectations are rife that this falling-short-of-expectations, might promote the idea of rate cut to the Reserve Bank of Australia (RBA). \u00a0On Tuesday, RBA decided to maintain its benchmark rate at the same low level of 2.75%.<\/p>\n<p><i>Going on holiday? Compare travel money deals with our sister site mytravelmoney.co.uk<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sinduja Venkat Good morning and welcome to today\u2019s foreign exchange market commentary on 5th of June.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: GBP rallies against greenback ahead of highly anticipated BoE, ECB rate meets EUR treading low ahead of ECB meet USD on the defensive from GBP rally, strong UK PMI underpins Abe\u2019s plan to revive Japan disliked by [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2888"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=2888"}],"version-history":[{"count":1,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2888\/revisions"}],"predecessor-version":[{"id":2889,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2888\/revisions\/2889"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}