Richard Driver, Currency Market Analyst, Caxton FX

Trading commentary: CaxtonFX

Richard Driver is a Currency Market Analyst at Caxton FX.

UK retail sales undershoot expectations

23 March 2012
Very poor eurozone services and manufacturing growth figures set the tone for the day but the euro has proved remarkably resistant.

MPC minutes provided a downside surprise yesterday

22 March 2012
The MPC minutes provided a slight downside surprise yesterday, revealing two votes for yet more quantitative easing from the Bank of England.

UK headline inflation has eased

21 March 2012
UK headline inflation eased a little further to 3.4% (y/y), which represents better news for British consumers, though it is less positive for sterling.

Little news to trade off yesterday

20 March 2012
There was little news to trade off yesterday, though there were some big buyers of sterling somewhere. The US dollar had another softer session but we maintain a bullish view of the US currency.

Bad news for the UK economy

15 March 2012
There are two pieces of bad news from the UK economy, after what has been a pretty good run of positive headlines.

Market sees further dollar investment

14 March 2012
Yesterday’s session threw up plenty of volatility and the euro found it hard going. A more upbeat tone within last night’s US Federal Reserve’s statement has fuelled further dollar investment.

Quiet start to the week, but recovery this morning

13 March 2012
Amid a shortage of market announcements, it was a very quiet start to the week on Monday. Sterling traded particularly softly but we are already seeing a recovery this morning.

Euro suffers as markets punish the single unit

12 March 2012
Last week saw the euro suffer from an example of ‘buy the rumour, sell the fact’ as the markets punished the single unit despite Greece obtaining enough participation in its debt-swap deal.

95.7% participation rate in Greece’s debt-swap deal

9 March 2012
The participation rate in Greece’s debt-swap deal came in at 95.7% with the activation of the collective action clauses.

Today’s session arousing interest

8 March 2012
Today’s session brings the monthly meetings for the European Central Bank, Bank of England and the Bank of Canada.

Fears grow that Greece’s collective action clauses will be triggered

7 March 2012
Fears are growing that Greece’s collective action clauses will be triggered in relation to the debt swap, due to inadequate subscription to the agreement.

Quiet start to the week yesterday

6 March 2012
It was a quiet start to the week yesterday with the major pairings lacking any real direction. The markets received some more concerning news regarding the eurozone growth situation.

Concerns over the Greek debt-swap dominated the weekend headlines

5 March 2012
Concerns over the Greek debt-swap dominated the weekend headlines; Greece has until Thursday evening to convince enough private bondholders to accept significant losses on their investment.

Thursday’s session was one of consolidation after Wednesday’s big moves

2 March 2012
Thursday’s session was one of consolidation after Wednesday’s big moves, however there is nothing on the data calendar today that is likely to trigger any serious direction.