Daily Market Brief – 8 October 2015

BOE leave interest rates unchanged

Quote of the day: “Act as if what you do makes a difference. It does”

October 8th: Highlights

  • Sterling edges to two week highs
  • Markets await BOE decision
  • UK industrial production rises
  • German exports slump
  • NZD/USD remains close to 6 week highs

Sterling Comment

Sterling rose yesterday to two week highs against the US Dollar, largely due to the release of positive UK industrial production data. Demand for the dollar remains under pressure, falling against a basket of currencies. The release showed UK production rising 1.0% from the previous month and industrial output jumping 1.9% from a year earlier, higher than 1.2% as per expectations. GBP/USD hit 1.5316 in the morning trade, it’s highest levels since September 23, consolidating back throughout the day at 1.5301. The pair is now trading at 1.5350.

Sterling strengthened against the Euro on yesterday’s open, up 0.83% to 1.3622 by lunchtime. We saw German exports slump, with industrial production falling at the fastest rate in a year, in stark contrast to positive UK data. The Euro has since strengthened, trading in the region of 1.3590.

In the last few moments, the Bank of England has voted 8-1 to leave interest rates unchanged. This means borrowing costs have been stuck at their record low since March 2009.

Global Comment

The EUR/USD pair dipped 0.41% to 1.1221 yesterday with added pressure and concerns being placed on the euro on Wednesday following very worrying German Industrial figures. The pair is now trading around 1.1294.

GBP/AUD lost ground a full cent to lunchtime on Wednesday at 2.1172 as buoyant construction data pointed to a green shoot on fresh orders in Australia at their highest in this sector in a year.

Data on Canadian building permits fell lower than expected, dipping 3.7% to 7.55 billion CAD. Sterling benefitted, with GBP/CAD benefitting a full 0.42% to the positive of 1.9949. The pair is now trading above 2.00

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