Richard Driver, Currency Market Analyst, Caxton FX
Richard Driver is a Currency Market Analyst at Caxton FX.
3 November 2011
The US Federal Reserve’s statement revealed a fairly positive view of US economic growth in the third quarter, but stressed that “significant downside risks” remain and the market took more notice of downgraded US economic forecasts.
2 November 2011
UK GDP in the third quarter of this year picked up to 0.5%, above expectations and well above Q2’s 0.1% showing. Sterling failed to benefit however, with October’s manufacturing sector growth giving its worst showing in over two years.
1 November 2011
Sterling enjoyed major gains in unusually thin trading yesterday; the end of the month can often throw up some surprising movements and this was one such day.
31 October 2011
It was a quiet end to a hectic week last Friday, but the dollar has found some favour over the weekend as a result of currency intervention from the Bank of Japan.
28 October 2011
The euro enjoyed enormous gains yesterday as markets continued to trade positively in response to Wednesday’s debt package. Surging risk appetite caused global stocks to rally and the dollar suffered further sharp declines, particularly in light of an impressive third quarterly US GDP figure.
27 October 2011
After some very nervous trading in the build up to the announcement of a deal struck by EU leaders at yesterday’s Summit, the euro is trading very positively.
26 October 2011
The long-awaited EU Summit has finally arrived and we will (hopefully) get a look at EU leaders’ attempt at a “comprehensive package” to deal with the eurozone’s various economic and fiscal issues.
25 October 2011
Monday’s session saw plenty of range-bound trading as investors laid in wait for concrete news out of the eurozone. There is definitely an enduring air of optimism and positivity surrounding the possibility of some real progress at tomorrow’s deadline meeting.
24 October 2011
The weekend’s EU summit produced no final decisions, as was hinted to be the case late last week. A fresh deadline has been set for Wednesday; no magic bullet is anticipated, so any sign of genuine progress will probably be met positively.
21 October 2011
There were mixed headlines of the eurozone yesterday. Investors were encouraged early on after a document was released which set out guidelines under which the bailout fund will be able to buy up bonds on the secondary market.
20 October 2011
Yesterday’s MPC minutes revealed that all nine members voted unanimously in favour of the additional quantitative easing decision earlier this month. It weighed on sterling only temporarily though, despite strong hints within the minutes that there could be yet more UK quantitative easing in the not so distant future.
19 October 2011
Yesterday’s major UK news was that headline inflation rose to 5.2%, well ahead of expectations of a rise to 4.9%. Far from bringing forward expectations of a rate rise, the high UK inflation figure, combined with low growth, highlights the looming threat of stagflation.
18 October 2011
The euro failed to build on a strong start to the session, as comments out of Germany suggested the market’s expectations of a long-term solution to the region’s debt crisis to come this weekend were overdone.
17 October 2011
Market confidence levels were elevated once again on Friday, buoyed by some surprisingly strong US retail sales figures. At the G20 meeting in Paris over the weekend, a one-week deadline was set to deliver a comprehensive plan to do with the eurozone’s various financial woes; if EU leaders can deliver a credible plan on time, the prospects of the euro look altogether brighter.
14 October 2011
Yesterday was a somewhat calmer day in the currency markets; today’s US retail sales should attract a little more interest. Slovakia has ticked the final box on the eurozone bailout fund’s expansion, but Spain was downgraded a notch by Standard & Poor’s.
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