After falling on Tuesday morning after the UK’s public deficit widened further than expected, the Pound (GBP) found its legs in the afternoon and rallied against the majority of its peers.
The rebound appeared to be thanks to traders rushing to take advantage of the Pound’s weakness at the start of the week.
Meanwhile with all election campaigning suspended in the wake of the Manchester terror attack GBP investors are likely to look to tomorrow’s growth data, which is expected to confirm that the UK’s GDP sank from 0.7% to 0.3% at the start of the year. View article >
The Australian dollar has fallen this morning following a downgrade of China’s debt rating by US ratings agency Moody’s.
The giant Asian nation has been assigned a new rating of A1 (from Aa3) by the agency on the grounds that its “financial strength will erode somewhat over the coming years.” It is the first time in nearly three decades that Moody’s has cut China’s sovereign rating. View article >
Canadians are returning to work from what was for many, a very soggy Victoria Day long weekend.
EURUSD spiked higher on Monday after German chancellor Angela Merkel told some students in Berlin that a “too weak” euro was behind Germany’s large trade surplus. FX traders only heard “too weak Euro” and the single currency spiked to 1.1262 from 1.1164.
Some European bank analysts suggested that the comment was taken out of context. View article >
The Pound (GBP) tumbled on Monday following recent opinion polls that suggested that the Conservative lead over labour had been greatly diminished since the release of its manifesto.
The fall in the polls was largely prompted by criticism over the Tories’ social care proposals, which critics labelled a ‘dementia tax’, although Sterling was able to recoup some of its losses by the afternoon as Theresa May made a U-turn on the policy. View article >
As of writing, a little before 5am GMT on Tuesday, the Australian dollar has reached 0.75 versus the US dollar. This psychologically important level will be welcomed by Australian dollar bulls who, more than most, have suffered during the past two months after watching the currency decline from 0.7750 to 0.7328 between March 21st and May 9th.
Including today’s move, today marks the ninth day in ten that the AUD/USD exchange rate has climbed. View article >
In the past several hours, the euro has surged following the release of comments from German Chancellor Angela Merkel, who has said that the single currency is “too weak” for Germany – weakness which is “due to the ECB’s policy” and which “makes German goods…comparatively cheap.”
As of writing at 13:35 GMT, the euro is buying $1.1245 and remains close to its intra-day high (and new six-month high) at $1.1249. View article >
The Pound (GBP) tumbled against the majority of its peers this morning as the Tories relinquished a double digit lead in the polls.
Theresa May’s party suffered over the weekend as she faced a backlash over a supposed ‘dementia tax’ which would see the elderly with over $100,000 in assets forced to pay for care in their own homes. View article >
In Conan Doyle’s Hound of the Baskervilles, the legendary detective Sherlock Holmes solves a crime using his knowledge of what didn’t happen. Specifically, when Holmes learns that the victim’s dog had not barked during the night of the theft of a prized racehorse, Holmes knows that the offender is likely known to the dog – an insight which leads Holmes in the right investigative direction. View article >
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