{"id":2906,"date":"2013-06-18T12:00:17","date_gmt":"2013-06-18T12:00:17","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=2906"},"modified":"2013-06-19T05:23:48","modified_gmt":"2013-06-19T05:23:48","slug":"usd-rallies-against-sterling-ahead-of-all-important-fomc-meet","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/usd-rallies-against-sterling-ahead-of-all-important-fomc-meet\/","title":{"rendered":"USD rallies against Sterling ahead of all-important FOMC meet"},"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 18<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 dips on strong US consumer data<\/li>\n<li>EUR rallies against Greenback ahead of FOMC Meet<\/li>\n<li>US markets boosted by strong investor confidence<\/li>\n<li>Strong greenback pushes JPY\/USD higher<\/li>\n<li>AUD stumbles for third consecutive session<\/li>\n<\/ul>\n<p><b>CURRENCY RATES OVERVIEW\u00a0 <\/b><\/p>\n<p><b>GBP\/EURO \u2013 <\/b>1.1673<br \/>\n<b>GBP\/USD \u2013 <\/b>1.5649<br \/>\n<b>GBP\/CHF \u2013 <\/b>1.4386<br \/>\n<b>GBP\/CAD &#8211; <\/b>1.5971<br \/>\n<b>GBP\/AUD \u2013 <\/b>1.6484<br \/>\n<b>GBP\/ZAR \u2013 <\/b>15.6567<br \/>\n<b>GBP\/JPY \u2013 <\/b>149.0087<b><\/b><br \/>\n<b>GBP\/HKD \u2013 <\/b>12.1413<br \/>\n<b>GBP\/NZD \u2013 <\/b>1.9550<br \/>\n<b>GBP\/SEK \u2013 <\/b>10.0767<\/p>\n<p><i>Mid-market rates as of 2013-06-18 18:26 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 Euro-Zone ZEW Survey (Economic Sentiment) (JUN), EUR German ZEW Survey (Current Situation) (JUN), EUR German ZEW Survey (Economic Sentiment) (JUN)<br \/>\n<b>United Kingdom:\u00a0 <\/b>GBP Producer Price Index Output n.s.a. (YoY) (MAY), GBP Producer Price Index Output Core n.s.a. (YoY) (MAY), GBP Consumer Price Index (MoM) (MAY), GBP Consumer Price Index (YoY) (MAY), GBP Retail Price Index (YoY) (MAY)<br \/>\n<b>New Zealand:\u00a0<\/b>No Data<br \/>\n<b>United States of America:\u00a0<\/b>USD Consumer Price Index (MoM) (MAY), USD Consumer Price Index Ex Food &amp; Energy (MoM) (MAY), USD Consumer Price Index (YoY) (MAY), USD Consumer Price Index Ex Food &amp; Energy (YoY) (MAY), USD Housing Starts (MoM) (MAY), USD Building Permits (MoM) (MAY)<br \/>\n<b>China: <\/b>No Data<br \/>\n<b>Canada: <\/b>No data<br \/>\n<b>Japan: <\/b>JPY Merchandise Trade Balance Total (Yen) (MAY)<\/p>\n<p><b>GBP dips on strong US consumer data<\/b><\/p>\n<p>GBP\/USD dipped on Tuesday after data from US posted an increase in consumer prices in May which was in line with expectations. However US housing data continued to disappoint. The pair is trading in the 1.5575 region representing a dip of over 0.9% during Tuesday trading. According to JP Morgan Market Analysts the odds remain in favor of a major decline in GBP\/USD. This is despite strong economic data coming out of UK during yesterday&#8217;s session. UK CPI\u00a0had rebounded in May, rising from 2.4% to 2.7%\u00a0 on a year on year basis\u00a0making this\u00a0result\u00a0in line with market forecasted figures.<\/p>\n<p><b>EUR rallies against Greenback ahead of FOMC Meet<\/b><\/p>\n<p>EUR\/USD pair settled at 1.3400 on Tuesday before heading towards New York session close. The currency is expected to experience frenetic activity tomorrow at the close of the two day FOMC meeting which will conclude with Fed Chairman Bernanke\u2019s statements regarding the likelihood of the Fed cutting back on its monthly asset purchases. Market observers have indicated that if the Fed signals that it will sustain a high pace of quantitative easing the outcome would be stronger performance from US equities and US bonds whereas the USD would weaken. The EUR\/USD pair is currently going strong with an increase of 0.24% at over 1.3400.<\/p>\n<p><b>US markets boosted by strong investor confidence<\/b><\/p>\n<p>USD rallied against all its peers save for the EUR on Tuesday. Markets remained focused on the outcome of the Fed\u2019s FOMC meet to be released on Wednesday. Overall investor&#8217;s confidence continued to remain positive owing to consumer data results from US matching expectations. US stocks also had a field day with most equities appreciating.<\/p>\n<p><b>Strong greenback pushes JPY\/USD higher<\/b><\/p>\n<p>Japanese trade balance figures for May was higher than estimated but lower than the previous month\u2019s figures at \u00a5-993.9 billion. Year on year May imports were pegged at an increase of 10.0%\u00a0 compared to an increase of 10.8% expected, with exports doing better than expected, at +10.1% in May vs +6.5% expected. JPY\/USD pair was up once again during Tuesday\u2019s session at 95.55 owing to Yen weakness<\/p>\n<p><b>AUD stumbles for third consecutive session<\/b><\/p>\n<p>AUD\/USD pair stumbled for the third consecutive trading session and lost close to 53 pips and ended the day at 0.9484. RBA minutes released yesterday convey that there is further scope for quantitative easing. \u00a0The minutes for its June Board meeting when it had left the cash rate unchanged at 2.75% has not however provided any clear insight in to AUD outlook for the near term.<\/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 18th of June.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: GBP dips on strong US consumer data EUR rallies against Greenback ahead of FOMC Meet US markets boosted by strong investor confidence Strong greenback pushes JPY\/USD higher AUD stumbles for third consecutive session CURRENCY RATES OVERVIEW\u00a0 GBP\/EURO [&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\/2906"}],"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=2906"}],"version-history":[{"count":1,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2906\/revisions"}],"predecessor-version":[{"id":2907,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2906\/revisions\/2907"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}