UK Rightmove house price index fell dramatically it was revealed on Monday morning, the data posted

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EUR/USD echoed the quiet days trading as the currency cross that forms 70%+ of the FX market saw a 0.14% trading range for Monday. It would suggest that the market are forward looking to Wednesday evening and taking their positions ahead of the data release.
The downward trend in German producer prices continued in July, even as prices for consumer goods rose, the federal statistics office said this morning. Producer prices in July slipped 0.1% from June, compared with economists’ forecasts for a 0.2% rise. Prices were up 0.5% from July 2012.
GBP/INR was the big mover on Monday as the pair saw an all-time high posting 99.09 as a daily high, a 2.65% movement on the day. A series of interventions by the RBI in recent weeks aimed at protecting the Rupee s exchange rate have seen their bond yields surge to hit figures over 10%, but have not succeeded in slowing biv the weakening.
The minutes of the RBA’s Aug. 6 board meeting, at which it cut the cash rate to 2.5 per cent, contained unfamiliar language from the board about the possible timing of future rate decisions. “Members agreed that the bank should neither close off the possibility of reducing rates further, nor signal an imminent intention to reduce rates,” the RBA minutes said.
Inflation expectations rose in the Reserve Bank of New Zealand’s survey for the third quarter, as the domestic economy biv continues to improve. The survey, conducted for the central bank by pollster The Nielsen Co., showed one-year expectations for consumer price inflation accelerating biv to 1.90% from 1.52% in the prior survey.
The UAE s consumer debt-to-income ratio is higher than in most European countries and the US, a business academic has said. Research released by Strategic Analysis last month showed consumer debt in the UAE had reached $95,000 per household, or $114bn in total. GBPAED biv is now trading around the 5.7468 biv figure.
UK Rightmove house price index fell dramatically it was revealed on Monday morning, the data posted a figure of -1.8% against a previous reading of 0.3% moving back into negative territory since Dec 2012.
Although the UK saw this negative data released, the pound suffered very little as it continued to hold above the 1.56 levels against the dollar hitting a high of 1.5673 in mid morning trade. The pair actually saw very little movement (0.3%) over the day s trading as data releases was light. As the pair opens today at 1.5630 look for initial resistance to be lying around the 1.57 mark with support for the pair to be around 1.5606 and 1.55 the figure thereafter.
GBP/EUR saw minimal swings over Monday s trading session as the pair posted a 0.13% movement across the day, but managing to hold over the 1.17 rate. The pair managed to post a day high of 1.1745 in mid morning biv trade from opening at 1.1720, today the pair are currently trading at 1.1730.
GBP/USD main risk this week will be Wednesday evening when the FOMC meeting minutes are due to be released at 7.00pm where the market will be looking closely to the comments from the FED s meeting on Wednesday 31st July.
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Richard has provided strategic currency services for a variety of seafood companies globally over the past 6 years.
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