Posts Tagged ‘Economy’

Pound made gains against the aussie on Friday following weak US data

Posted by admin on October 5th, 2009

The pound advanced a further cent against the aussie on Friday, building on strong gains, as investors remained cautious following weak US employment figures. The US economy suffered 263,000 job cuts in September, which was far more than had been expected according to official data, sapping demand for ‘riskier’ assets. The pound advanced to over 1.84 as investors sold off the risky currency amid concerns that the US recovery may not be as robust as initially thought. However, the pound did cap its gains, as the US data dragged down European equities, with the FTSE falling below 5000 points, which dampened confidence in the UK currency.

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The euro posted gains against the US dollar on Friday and has reached back over 1.46 this morning

Posted by admin on October 5th, 2009

The single currency shrugged off worse-than-expected US non-farm payrolls data to post gains, closing up 0.2% at 1.4574.Date revealed that the US economy lost 263,000 jobs in September, which was more than had been expected, according to official non-farm payrolls figures. The Labor Department revealed that US unemployment rate rose to 9.8%, fueling fears that the labour market could undermine economic recovery. The euro initially dropped sharply to a three-week low of 1.4485 on the release of the U.S. payrolls report, as investors were encouraged to the relative safety of the greenback.

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Weak US data sapped demand for the aussie yesterday, enabling the pound to gain

Posted by admin on October 2nd, 2009

The pound rebounded strongly yesterday, gaining over two cents, or 1.3%, as a sharp rise in risk aversion in the market, dulled demand for the ‘riskier’ currency. Both unemployment claims in the US and manufacturing data posted worse-than-expected figures, raising slight concerns over the rate of recovery in the world’s largest economy, and weakening demand for the higher yielding aussie. The negative US data was reflected in global stocks, which also took a steep downturn, with major indices loosing around two percent, which further reduced dollar selling, enabling the GBP/AUD price to rise.

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