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Forex Trading: London Market Wrap

Posted by Chris Advincula on Apr 30, 2013 7:25:00 AM

April 30 Tuesday 11:40 GMT


The euro fell by 67 points to 1.3053 after its initial rise to 1.3120 weighed down by slowing consumer demand in Germany and the continued weakness of the job market in the Eurozone. Gains were limited as the yen and the pound made advances over the euro.

German Retail Sales fell for a second month in March to -0.5% after a downward revision of February’s data to -0.6% from -0.4%.

German unemployment increased by 4,000 in April, but payroll jobs continued to increase for a sixth month. The data was in line with market expectations.

The labor department cited the adverse effects of the recent winter being the reason for the increase of unemployment.

The Eurozone Unemployment rate rose to 12.1% in March compared to 12.0% in February, which was in-line with market expectations.

The Eurozone inflation rose to 1.2 % in March which was lower than the forecast of 1.6%.

The ECB is widely expected to lower its key interest rate by 25 basis points on Thursday.

The Federal Reserve starts its two-day monetary policy meeting today and market participants are waiting to see whether or not the Fed will talk of winding down QE.



Sterling made a modest rebound to 1.5516 from 1.5466 (+50 points) after the better than expected UK mortgage approvals.

The Bank of England said that UK lenders issued 53,504 mortgages in March compared to a revised 51,947 in February. However, the data is still running at historical lows.

Euro-sterling fell to 0.8425 (-36 points) as the pound made advances against the euro following the data.


Bank of England’s MPC member David Miles said that he expected inflation to be close to 2 percent by the end of this year, much lower than the 3 percent the BOE forecast.



The Japanese Yen gained over most of its counterparties in Europe. Euro-Yen fell by 108 points to 127.25 from 128.33 while Dollar-Yen fell by 60 points to 97.40 from 98.00.


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