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Forex Trading: London Market Wrap

Posted by Chris Advincula on Apr 9, 2013 7:36:00 AM

April 9 11:40 GMT

EURO

The euro rebounded to 1.3045 on a short-covering rebound and Middle Eastern demand after it fell to 1.3005 in the morning session of Europe. In the prior Asian session, the euro rose to 1.3068 and was met with early selling interest in European trading as the Japanese Yen gained. Euro-yen fell from 129.85 to 128.40

Germany’s exports fell 1.5 percent in February from the 1.3 percent gain in January. The median forecast was -0.3%. Imports fell 3.8 percent.

 

STERLING

Sterling rose toward a six-week high against the dollar after the better-than-expected U.K. industrial production data in February, more than economists forecast, boosting speculation the nation will avoid a triple-dip recession. Cable rose 70 points to 1.5320 from 1.5250.

U.K. industrial production expanded 1 percent in February, after dropping 1.3 percent the previous month. The median survey was for a rise of 0.4 percent. A similar report for the manufacturing industry showed an increase of 0.8 percent

U.K. 10-year bonds declined for a second day after an auction of the securities attracted the lowest demand since June 2012. The U.K. Debt Management Office sold 3.5 billion pounds of benchmark 10-year gilts, as it begins its 151 billion-pound issuance program for the 12 months through March 2014.

The UK trade balances widened in February, with only a small portion of the increase due to the predicted widening of the oil trade deficit.

February's global goods trade deficit widened to stg9.416 billion from stg81.68 billion in January. The total trade gap widened to stg3.642 billion from from stg2.494 billion.

 

Chris Advincula

Market Strategist

WorldWideMarkets

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Charts: FXTrek.com

 

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