{"id":2897,"date":"2013-06-11T14:38:35","date_gmt":"2013-06-11T14:38:35","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=2897"},"modified":"2013-06-11T14:38:35","modified_gmt":"2013-06-11T14:38:35","slug":"moderate-uk-data-fails-to-ignite-spark-in-gbpusd","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/moderate-uk-data-fails-to-ignite-spark-in-gbpusd\/","title":{"rendered":"Moderate UK data fails to ignite spark in GBP\/USD"},"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 11<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>Moderate UK data fails to ignite spark in GBP\/USD<\/li>\n<li>German court begins review of OMT program, Merkel offers support<\/li>\n<li>S&amp;P upgrades US sovereign debt rating to \u201cstable\u201d<\/li>\n<li>BoJ meet debrief indicates Japan to maintain monetary policy stance<\/li>\n<li>Strong domestic data predicts rally of Aussie bonds<\/li>\n<\/ul>\n<p><b>CURRENCY RATES OVERVIEW\u00a0 <\/b><\/p>\n<p><b>GBP\/EURO \u2013 <\/b>1.1712<br \/>\n<b>GBP\/USD \u2013 <\/b>1.5545<br \/>\n<b>GBP\/CHF \u2013 <\/b>1.4413<br \/>\n<b>GBP\/CAD &#8211; <\/b>1.5917<br \/>\n<b>GBP\/AUD \u2013 <\/b>1.6639<br \/>\n<b>GBP\/ZAR \u2013 <\/b>15.9742<br \/>\n<b>GBP\/JPY \u2013 <\/b>150.6447<b><\/b><br \/>\n<b>GBP\/HKD \u2013 <\/b>12.0698<br \/>\n<b>GBP\/NZD \u2013 <\/b>2.0007<br \/>\n<b>GBP\/SEK \u2013 <\/b>10.2423<\/p>\n<p><i>Mid-market rates as of 2013-06-11 12:17 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>No Data<br \/>\n<b>Europe:\u00a0<\/b>EUR German Court Hearing on ESM<br \/>\n<b>United Kingdom:\u00a0 <\/b>GBP NIESR Gross Domestic Product Estimate (MAY)<br \/>\n<b>New Zealand:\u00a0<\/b>NZD NZ Card Spending &#8211; Retail (MAY), NZD NZ Card Spending (MoM) (MAY)<br \/>\n<b>United States of America:\u00a0<\/b>No Data<br \/>\n<b>China: <\/b>No Data<br \/>\n<b>Canada: <\/b>No Data<br \/>\n<b>Japan: <\/b>JPY Machine Orders (YoY) (APR)<\/p>\n<p><b>Moderate UK data fails to ignite spark in GBP\/USD <\/b><\/p>\n<p>UK Industrial Production dipped by 0.6% in April as compared to the previous year and this succeeds a 1.4% drop in March, National Statistics stated earlier today. The expected figure was a 0.7% dip. Also on a year on year basis UK Manufacturing Production figures dipped by 0.5% in April, but performed better as compared to the 1.4% drop in March. The reasonable data has however led to GBP\/USD decline. The pair is now floating within the range of 1.5540 and 1.5560.<\/p>\n<p><b>German court begins review of OMT program, Merkel offers support<\/b><\/p>\n<p>EUR\/USD pair came under threat this morning as the German top court begins to review the ECB\u2019s Outright Monetary Transactions program. The ECB\u2019s as yet under analysed OMT initiative to support struggling EU countries\u2019 bond prices was seen as the reason for Euro rally this year. \u00a0German Chancellor Merkel said today that her government will argue in favor of the OMT program. The court is also set to review the ESM permanent bailout fund for the Euro-zone.<\/p>\n<p><b>S&amp;P upgrades US sovereign debt rating to \u201cstable&#8221;<\/b><\/p>\n<p>Standard &amp; Poor\u2019s ratings agency raised its outlook for US economy from its previous rating of \u2018negative\u2019 to \u2018stable\u2019 yesterday indicating that the US economy is less likely to incur any further credit downgrade in the near term. Last year S&amp;P had lowered its US sovereign credit rating from AAA to AA+. USD had strengthened against its peers following S&amp;P\u2019s debt downgrade last year. Yesterday\u2019s announcement \u00a0from S&amp;P however did not markedly improve USD\u2019s value although the Greenback made some initial gains against its peers.<\/p>\n<p><b>BoJ meet debrief indicates Japan to maintain monetary policy stance<\/b><\/p>\n<p>Tuesday\u2019s BoJ&#8217;s monetary policy meet for the month of June. The outcome of the meeting witnessed certain key decisions including maintaining its original stance on increasing the monetary base by JPY 60-70 trillion annually and keeping other policy on hold. Governor Kuroda further stated that the Japanese economy was improving, although uncertainty remained high.<\/p>\n<p><b>Strong domestic data predicts rally of Aussie bonds<\/b><\/p>\n<p>The AUD\/USD tumbled further earlier today with several causes pointing to this effect. This includes China which is concerned about slowing economy, while reasonably strong Australian data continue to arise. Domestic data from the country indicate that Aussie bonds will appreciate in value.<\/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 11th of June.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: Moderate UK data fails to ignite spark in GBP\/USD German court begins review of OMT program, Merkel offers support S&amp;P upgrades US sovereign debt rating to \u201cstable\u201d BoJ meet debrief indicates Japan to maintain monetary policy stance [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[110,3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2897"}],"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=2897"}],"version-history":[{"count":1,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2897\/revisions"}],"predecessor-version":[{"id":2898,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2897\/revisions\/2898"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}