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Moneycorp LogoDaily brief: Moneycorp

Sterling bottles again

Posted on: 7 November 2014

Mario Draghi was at it again. Although he was careful not to use his best-known catchphrase he told investors the ECB would do whatever it takes to prevent "too prolonged a period of low inflation".

UK’s services sector growth disappoints

Posted on: 6 November 2014

Although the UK has enjoyed fantastic growth so far throughout 2014 when compared to other western nations, yesterday’s Purchasing Managers Index survey release covering the dominant Services Sector certainly spooked the markets, when it reported a drop in activity from September’s reading of 58.7 to 56.2.

PMIs and jobs

Posted on: 5 November 2014

"Immigrant tax gain revealed" (today's Daily Mail). "Immigration cost £120bn" (today's Daily Telegraph). "A falling oil price doesn't matter to the Norwegian krone" (last Friday). "A falling oil price is really bad for the Norwegian krone" (yesterday).

This is what quantitative easing looks like

Posted on: 4 November 2014

For a third consecutive day the Japanese yen was the weakest performer among the major currencies, falling to a six-year low against sterling and a seven-year low against the US dollar.

PMI fest starts today

Posted on: 3 November 2014

The BoJ's increased quantitative easing stimulus was one reason the yen took a pasting. The other was a change to the asset allocation of Japan's government pension fund which will direct more money into foreign equities.

QE lives

Posted on: 31 October 2014

There is a degree of concern that central banks which have operated programmes of quantitative easing in the past are more likely to implement new ones in the future.

What next?

Posted on: 30 October 2014

In the last six years the Federal Reserve has given away $4.5tr (that's £4.5bn for European readers). Yesterday the Fed brought an end to its quantitative easing programme, just as everyone expected it would.

Fed ahoy

Posted on: 29 October 2014

Durable goods orders were down by -1.3% on the month, having been forecast to increase by 0.6%.

A question of value

Posted on: 28 October 2014

On Monday it was the Canadian dollar that everyone wanted. It strengthened by a third of a cent against sterling, making it the day's top performer.

Retail sales bad, GDP…

Posted on: 24 October 2014

The -0.3% monthly fall in UK retail sales was unhelpful to the pound. That figure and the 2.7% annual increase both undershot analysts' consensus forecast.

Minutes count

Posted on: 23 October 2014

A chap has been jailed in Manchester for credit card fraud. He committed his crimes by persuading the victims that he was Gaël Kakuta, a Frenchman who lives in Spain.

Monetary policy to the fore

Posted on: 22 October 2014

A new NHS remuneration system will reward doctors for diagnosing dementia. It will mean more cases of dementia but a lower incidence of other ailments.

Chinese GDP relief

Posted on: 21 October 2014

The FX market was reasonably sensible and orderly on Monday. There was no sign of the hysteria seen a week ago and the biggest moves of the day were of +/-0.5%.

More calm

Posted on: 20 October 2014

Yuko Obuchi has stepped down as Japan's trade and industry minister after accusations that she misused campaign donations.

Headless chickens

Posted on: 16 October 2014

A couple of days ago Guy Debelle, the assistant governor of the Reserve Bank of Australia, gave a prescient speech about "Volatility and Market Pricing".