{"id":2917,"date":"2013-06-24T13:55:14","date_gmt":"2013-06-24T13:55:14","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=2917"},"modified":"2013-06-25T01:02:13","modified_gmt":"2013-06-25T01:02:13","slug":"boe-signs-3-year-deal-with-china-to-boost-yuan-trade","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/boe-signs-3-year-deal-with-china-to-boost-yuan-trade\/","title":{"rendered":"BoE signs 3-year deal with China to boost Yuan trade"},"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\u00a0foreign exchange market commentary on 24<sup>th<\/sup>\u00a0of June.<b>\u00a0<\/b><\/p>\n<p><b>Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights:<\/b><\/p>\n<ul>\n<li>BoE signs 3-year deal with China to boost Yuan trade<\/li>\n<li>EUR begins week on optimistic note with positive German data<\/li>\n<li>US stocks open in the red amidst concerns on China, bullish USD<\/li>\n<li>Inflation fears become true in Japan<\/li>\n<li>AUD weaker on FOMC comments<\/li>\n<\/ul>\n<p><b>CURRENCY RATES OVERVIEW\u00a0<\/b><\/p>\n<p><b>GBP\/EURO \u2013\u00a0<\/b>1.1758<br \/>\n<b>GBP\/USD \u2013\u00a0<\/b>1.5392<br \/>\n<b>GBP\/CHF \u2013\u00a0<\/b>1.4378<br \/>\n<b>GBP\/CAD \u2013\u00a0<\/b>1.6676<br \/>\n<b>GBP\/AUD \u2013\u00a0<\/b>1.6676<br \/>\n<b>GBP\/ZAR \u2013\u00a0<\/b>15.5810<br \/>\n<b>GBP\/JPY \u2013\u00a0<\/b>149.8893<br \/>\n<b>GBP\/HKD \u2013\u00a0<\/b>11.9417<br \/>\n<b>GBP\/NZD \u2013\u00a0<\/b>1.9874<br \/>\n<b>GBP\/SEK \u2013\u00a0<\/b>10.4269<\/p>\n<p><i>Mid-market rates as of 2013-06-24 14:11 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 IFO &#8211; Business Climate (JUN), EUR German IFO &#8211; Current Assessment (JUN), EUR German IFO &#8211; Expectations (JUN)<br \/>\n<b>United Kingdom:\u00a0\u00a0<\/b>No Data<br \/>\n<b>New Zealand:\u00a0<\/b>NZD Credit Card Spending s.a. (MoM) (MAY), NZD Credit Card Spending (YoY) (MAY)<br \/>\n<b>United States of America:\u00a0<\/b>No Data<br \/>\n<b>China:\u00a0<\/b>No Data<br \/>\n<b>Canada:\u00a0<\/b>No Data<br \/>\n<b>Japan:\u00a0<\/b>No Data<b><\/b><\/p>\n<p><b>BoE signs 3-year deal with China to boost Yuan trade<\/b><\/p>\n<p>GBP\/USD pair was trading lower at1.5359 this morning at the beginning of the European trading session and has gapped lower on the charts following a USD rally wherein US bond yields are beginning to look more attractive to investors following last week\u2019s FOMC announcements indicating a bullish trend in the US markets. Indications were also given for an increase in interest rates in the US.<\/p>\n<p>In other news the Bank of England headed by new BoE governor, Mervyn King and his Chinese counterpart have signed a three year deal that is expected to boost trade between the UK and China in the Yuan. The two central banks have signed a three-year currency swap worth \u00a321bn as the UK looks to capability to facilitate renminbi liquidity to UK institutions and position itself as a center for the Yuan.<\/p>\n<p><b>EUR begins week on optimistic note with positive German data<\/b><\/p>\n<p>Federal Reserve\u2019s statements following last week\u2019s FOMC meet regarding scaling back of Quantitative Easing continues to remain the dominant flavor in the markets on Monday. The German economy is back in focus today. Over recent months the best performing Euro area economy hasn\u2019t been able to keep up with expectation. Today\u2019s data release has improved investors\u2019 sentiment and is expected to provide a better indication of Germany\u2019s growth scenario in Q2.<\/p>\n<p><b>US stocks open in the red amidst concerns on China, bullish USD\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b><\/p>\n<p>US stock markets once again opened in the red over fresh worries with regards to China and amidst the bullish trend posted by the USD. NASDAQ declined by 1.34% at 3311.07 while the S&amp;P 500 at 1569.32 dipped by 1.45%. The Dow Jones also opened at 14670.62 declining by 0.87%.<\/p>\n<p><b>Inflation fears become true in Japan<\/b><\/p>\n<p>Tokyo Inflation data came in positive during May, whereas nationwide CPI which will be declared on Friday is also expected to follow a similar trend. The weakness observed in the Yen is being pointed to as the reason for this. FX markets are expected to take this appearance of inflation as a signal to be confident of Bank of Japan&#8217;s policy agenda which will further add to selling pressure on the yen.<\/p>\n<p><b>AUD weaker on FOMC comments<\/b><\/p>\n<p>The AUD\/USD pair was printing further losses during the European trading session on Monday within the range of 0.9147 and 0.9200 posting a loss of nearly 400 pips ever since the release of \u00a0FOMC statements last week indicating that interest rates in the US may need to rise for the pair to see better days ahead.<\/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\u00a0foreign exchange market commentary on 24th\u00a0of June.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: BoE signs 3-year deal with China to boost Yuan trade EUR begins week on optimistic note with positive German data US stocks open in the red amidst concerns on China, bullish USD Inflation fears become true in Japan AUD [&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\/2917"}],"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=2917"}],"version-history":[{"count":3,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2917\/revisions"}],"predecessor-version":[{"id":2919,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2917\/revisions\/2919"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}