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Market report 20th january 2015

CURRENCY SNAPSHOT

GBP: slightly loses ground following rapid ground gained last week

EUR: remains under pressure prior to the ECB press conference thursday

USD: remains in a strong position despite yesterday’s bank holiday

YESTERDAY

It was a very quiet start to the week, both market movement and data wise. This was also accompanied by an american bank holiday. Swiss PPI came in above expectations at -0.4%, however this highlights the current deflationary pressures on the swiss economy. Canadian foreign securities purchases came in below expectations at 4.29 billion, which led the strengthening of the canadian dollar.

Yesterday evening NZIER business confidence was released in new zealand, which was stronger than forecast and initially led to the strengthening of the new zealand dollar, however this retracted through the early hours of today.Mastercard prepaid balance

Francois hollande, president of france, also fuelled the expectations for ECB quantitative easing yesterday. He was quoted saying that the ECB will “take the decision to buy sovereign debt, which will add significant liquidity to the european economy.”

TODAY

First thing this morning chinese GDP was released above expectations, coming in at 7.3%. The renminbi strengthened slightly following this. German ZEW economic sentiment is then due at 10am. The reading is expected to come in at 40.1, showing growing economic confidence in germany.

Manufacturing sales are expected to decline in canada this afternoon, and this is being followed by the global dairy trade index being released in new zealand this afternoon.

There is a significant amount UK data being released tomorrow, and the market will be turning its eyes to that prior to the ECB press conference thursday.Mastercard prepaid balance

Tuesday 20 january 2015, 10:51am

Market report 16th january 2015

CURRENCY SNAPSHOT

GBP: sterling takes a back seat as the CHF, EUR and USD trades dominate the market

EUR: the euro weakens after the swiss pull their cap

USD: the dollar benefits from safe haven status in the aftermath of the swiss decision

Yesterday

Thursday was dominated by the swiss who surprised everyone by removing their cap against the euro and lowering their interest rate to -0.75%. The immediate effect on GBP/CHF was a 35% drop before stabilising to a level around 17% lower than the open. The move on EUR/CHF was actually less pronounced, dropping from the cap of 1.20 by about 25%, however it is still about 20% below the thursday open.

The effect of the announcement for GBP against the euro was a jump to the highest level since march 2008 and we are still trading around this level.Mastercard prepaid balance against the dollar, movement was somewhat more varied. Initially the pound dropped as everyone flocked to safe havens but since then sterling has clawed back most of the loss and is trading around the same level as it was when markets opened yesterday.

Today

The aftermath of the swiss situation will continue to dominate the markets today as everyone readjusts their positions. The euro may continue to weaken as speculation is rife that the swiss have removed the cap in anticipation of unfavourable effect of the upcoming quantitative easing in the eurozone. Inflation data will fuel the fire as the eurozone release their final CPI y/y figure at 10:00 and the US their monthly one at 13:30.

Friday 16 january 2015, 10:59am