Richard Driver, Currency Market Analyst, Caxton FX
Richard Driver is a Currency Market Analyst at Caxton FX.
3 March 2011
Following on from Tuesday’s solid manufacturing data, figures from the UK’s construction sector also showed promise yesterday. The market is now just awaiting February’s data from the services sector, due later today, for evidence that the UK economy is rebounding strongly from last year’s contractionary fourth quarter.
2 March 2011
Data from the UK manufacturing sector helped keep the pound in positive territory yesterday as signs of improving economic conditions add to speculation the country can accommodate a rise in interest rates.
1 March 2011
The pound rebounded strongly yesterday following a sharp sell-off on Friday. Particularly against the US dollar, sterling is enjoying a positive run, currently retesting its highest level since early November just short of $1.63. Fed Chairman Bernanke...
28 February 2011
Sterling ended the week on the back foot after data revealed a deeper economic contraction in the UK than earlier thought, dampening expectations of an interest rate rise and keeping alive the risk of a downturn.
25 February 2011
Sterling woefully underperformed its other “risk” counterparts yesterday. A disappointing retail sales survey set the tone for the UK currency as investors unwound long positions. The support given to the pound recently on heightened expectations...
22 February 2011
It appears risk aversion stemming from trouble in the Middle East and North Africa has finally forced a noticeable reaction from the market. Escalating tensions in Libya have driven investors toward safer assets leading to a stronger US dollar, Swiss franc and Japanese yen this morning.
21 February 2011
An encouraging rebound in British retail sales gave sterling a boost on Friday, hitting a fresh two-week high against a broadly weaker US dollar. The pound also continued to find support from ongoing speculation about a near-term UK interest rate rise...
18 February 2011
Having fallen sharply on Wednesday, sterling received a boost yesterday as resident MPC hawk, Andrew Sentence, weighed in on the interest rate argument. Mervyn King may have cooled expectations stating that people could be “getting ahead of themselves...
17 February 2011
Sterling fell sharply against most major counterparts yesterday after Bank of England Governor Mervyn King warned investors against “running ahead of themselves” with regards to an interest rate rise.
16 February 2011
The pound was the on form currency once again yesterday, rising across the board as a high UK inflation figure stoked expectations for a rate rise. In line with forecasts, official data showed consumer price inflation rose to 4.0% in January, double the BoE's target rate.
15 February 2011
After a lengthy absence from front page news, eurozone cracks remerged yesterday with a number of issues rearing up to but pressure back on the single currency.
14 February 2011
Mubarak’s belated resignation failed to return much risk appetite to the markets on Friday’s. The US dollar and the other safe haven currencies were the real winners as equity prices slumped, leaving sterling trading back below $1.60. Sterling...
11 February 2011
Despite a rising tide of speculation to the contrary, the Bank of England (BoE) decided to keep policy unchanged yesterday, leaving the base rate on hold at 0.50%.
10 February 2011
On a day short of economic figures, data did reveal that Britain’s trade deficit hit a record high for December. Again however, the market passed the figure off to extenuating circumstances: large purchases ahead of the VAT rise and bad weather causing disruptions at airports and ports.
9 February 2011
The pound slid against all but one of its 16 most-actively traded counterparts yesterday as an increase in Britain's tax levy on banks dented investor sentiment towards the UK.
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