The pound was the best performing major currency during the European session, despite a disappointing Confederation of British Industry trends / orders survey for January. The survey index came out at -2, whereas economists’ expectations called for a figure of 10.
The pound gained 0.22% against the dollar to trade at 1.6474 nearer the 1.65 mark and euro / pound fell by 0.27% to 0.8219, closing in on the 82 pence level.
The yen managed to hold its ground despite positive risk sentiment trading 0.03% weaker against the dollar at 104.57 and 0.03% firmer against the euro at 141.58.
The euro fell 0.07% against the dollar to trade at 1.354. The euro made a low of 1.3515 before it recovered as a result of a weaker-than-expected ZEW investor sentiment survey. The economic sentiment index for January fell to 61.7 compared to expectations of 64 by economists and 62 during the previous month.
However, there was a substantial jump in the current conditions sub-index to 41.2 compared to expectations of 34.1, as there was optimism about the prospects of the global economy.
There was not much follow-through buying for the US dollar following the news article in the Wall Street Journal in which a journalist with contacts inside the Fed said the most likely outcome of next week’s policy-setting meeting was the reduction of monthly asset purchases by a further 10 billion dollars to 65 billion.
Gold was hit hard, dropping below 1240 dollars an ounce as a result of the return of positive risk sentiment. There were no economic data releases scheduled during the US session.
The pound was the best performing major currency during the European session, despite a disappointing Confederation of British Industry trends / orders survey for January. The survey index came out at -2, whereas economists’ expectations called for a figure of 10.
The pound gained 0.22% against the dollar to trade at 1.6474 nearer the 1.65 mark and euro / pound fell by 0.27% to 0.8219, closing in on the 82 pence level.
The yen managed to hold its ground despite positive risk sentiment trading 0.03% weaker against the dollar at 104.57 and 0.03% firmer against the euro at 141.58.
The euro fell 0.07% against the dollar to trade at 1.354. The euro made a low of 1.3515 before it recovered as a result of a weaker-than-expected ZEW investor sentiment survey. The economic sentiment index for January fell to 61.7 compared to expectations of 64 by economists and 62 during the previous month.
However, there was a substantial jump in the current conditions sub-index to 41.2 compared to expectations of 34.1, as there was optimism about the prospects of the global economy.
There was not much follow-through buying for the US dollar following the news article in the Wall Street Journal in which a journalist with contacts inside the Fed said the most likely outcome of next week’s policy-setting meeting was the reduction of monthly asset purchases by a further 10 billion dollars to 65 billion.
Gold was hit hard, dropping below 1240 dollars an ounce as a result of the return of positive risk sentiment. There were no economic data releases scheduled during the US session.
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