{"id":2953,"date":"2013-07-12T22:00:31","date_gmt":"2013-07-12T22:00:31","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=2953"},"modified":"2013-07-13T06:00:27","modified_gmt":"2013-07-13T06:00:27","slug":"gbp-rises-on-anticipation-of-optimistic-boe-minutes","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/gbp-rises-on-anticipation-of-optimistic-boe-minutes\/","title":{"rendered":"GBP rises on anticipation of optimistic BoE minutes"},"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 12th\u00a0of July.<b>\u00a0<\/b><\/p>\n<p><b>Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights:<\/b><\/p>\n<ul>\n<li>GBP rises on anticipation of optimistic BoE minutes<\/li>\n<li>France downgrade increases pressure on Euro<\/li>\n<li>Fading demand at treasury auction raises Taper expectations<\/li>\n<li>Bernanke ends Yen\u2019s losing streak<\/li>\n<li>AUD rebound short-lived<\/li>\n<\/ul>\n<p><b>CURRENCY RATES OVERVIEW\u00a0<\/b><\/p>\n<p><b>GBP\/EURO \u2013\u00a0<\/b>1.1598<br \/>\n<b>GBP\/USD \u2013\u00a0<\/b>1.5178<br \/>\n<b>GBP\/CHF \u2013\u00a0<\/b>1.4373<br \/>\n<b>GBP\/CAD \u2013\u00a0<\/b>1.5730<br \/>\n<b>GBP\/AUD \u2013\u00a0<\/b>1.6552<br \/>\n<b>GBP\/ZAR \u2013\u00a0<\/b>15.1702<br \/>\n<b>GBP\/JPY \u2013\u00a0<\/b>150.3181<br \/>\n<b>GBP\/HKD \u2013\u00a0<\/b>11.7733<br \/>\n<b>GBP\/NZD \u2013\u00a0<\/b>1.9306<br \/>\n<b>GBP\/SEK \u2013\u00a0<\/b>10.1162<\/p>\n<p><i>Mid-market rates as of 2013-07-12 03:57 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 Home Loans (MAY)<br \/>\n<b>Europe:\u00a0<\/b>EUR Euro-Zone Industrial Production w.d.a. (YoY) (MAY)<br \/>\n<b>United Kingdom:\u00a0\u00a0<\/b>No Data<br \/>\n<b>New Zealand: <\/b>No Data<br \/>\n<b>United States of America:\u00a0<\/b>USD Producer Price Index Ex Food &amp; Energy (YoY) (JUN), USD Producer Price Index (YoY) (JUN), USD U. of Michigan Confidence (JUL P)<br \/>\n<b>China:<\/b> CNY New Yuan Loans (JUN)<br \/>\n<b>Canada:<\/b> CAD New Housing Price Index (YoY) (MAY)<br \/>\n<b>Japan:\u00a0<\/b>JPY Industrial Production (YoY) (MAY F)<\/p>\n<p><b>GBP rises on anticipation of optimistic BoE minutes<\/b><\/p>\n<p>Pound Sterling snapped back from a fresh low of 1.4812 and the GBP\/USD may continue its upward ascent if the Bank of England (BoE) Minutes highlight an improved outlook for the British economy. At the same time, the Consumer Price report could also serve to heighten the appeal of the GBP as the headline reading for U.K. inflation is expected to increase by annualized 3.0 per cent in June, and it seems as though the Monetary Policy Committee will slowly move away from its easing cycle in the second-half of the year as price growth is expected to hold above the 2 per cent target over the policy horizon.<\/p>\n<p><b>France downgrade increases pressure on Euro<\/b><\/p>\n<p>The Euro traded lower today against the Greenback on Friday however damages are expected to increase as the Eurozone came under pressure owing to Fitch&#8217;s decision to downgrade France from its AAA \u00a0along with political turmoil in Portugal. The EUR\/USD which managed to recover ground and rallied to test the 1.3100 area buckled under pressure as Fitch released its downgrade report on France. The pair was last observed at 1.3065.<\/p>\n<p><b>Fading demand at treasury auction raises Taper expectations<\/b><\/p>\n<p>FOMC Minutes this week sent global equities and currency markets reeling as Bernanke indicated that US economic growth leaves much to be desired and that QE policies will be accommodative for the moment as far as the Fed is concerned. Meanwhile fading demand at 3, 10 and 30-year Treasury auctions gave us clear Taper expectations.<\/p>\n<p><b>Bernanke ends Yen\u2019s losing streak<\/b><\/p>\n<p>Fed\u2019s Chairman Bernanke ended the Japanese Yen\u2019s losing streak against the USD, sending the USD\/JPY lower for the first week of the past four and leaving us in favor of further short-term declines. The USD\/ JPY looked ready to advance further given a clear Dollar uptrend and consistent Yen sell-offs, but inaction from the Bank of Japan and the Fed Chairman\u2019s rhetoric simultaneously put a stop to both. The BoJ made it relatively clear that it could, if conditions warranted, boost its hyper-aggressive Quantitative Easing measures. Yet a relatively upbeat assessment on the domestic economy suggests that Bank of Japan Governor Kuroda sees little reason to add further fuel to the QE-driven Yen sell-off.<\/p>\n<p><b>AUD rebound short-lived<\/b><\/p>\n<p>AUD\/USD dropped to a new three year low, just below 0.9000 with no important economic releases on Friday, leading to a dip. Analysts have indicated that the drop shows that the recent rebound after Bernanke&#8217;s statements was not the start of a stronger rebound.<\/p>\n<p><i>Going on holiday? Compare travel money deals with our sister site mytravelmoney.co.uk<\/i><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sinduja Venkat Good morning and welcome to today\u2019s\u00a0foreign exchange market commentary on 12th\u00a0of July.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: GBP rises on anticipation of optimistic BoE minutes France downgrade increases pressure on Euro Fading demand at treasury auction raises Taper expectations Bernanke ends Yen\u2019s losing streak AUD rebound short-lived CURRENCY RATES OVERVIEW\u00a0 GBP\/EURO \u2013\u00a01.1598 GBP\/USD \u2013\u00a01.5178 GBP\/CHF \u2013\u00a01.4373 [&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\/2953"}],"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=2953"}],"version-history":[{"count":2,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2953\/revisions"}],"predecessor-version":[{"id":2955,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2953\/revisions\/2955"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}