Currency Update – Tuesday 22nd July

Another quiet day today on the data releases, with the only data to note coming from the US & as these are not primary data releases, its not providing the market with much in the way of cud to chew.

We were a little surprises to see Cable back over $2 this morning, as a result of some worse than expected results by several US companies, including Apple & American Express, with warnings of difficult trading conditions for the next quarter, thus making the markets nervous as to the ongoing state of the US economy.

Currently Governor King & other bank officials are before the Treasury Select Committee discussing Bank Reform & are not expected to express any views on the economy, as such we await the release tomorrow of the MPC minutes, for which we expect the vote to have been 8 – 1 for a no change on the July Rate Decision.

So with no data from the Eurozone either & Oil prices having been fairly steady overnight it appears today will be a quiet one as far as the markets are concerned.
Famous last words I’m sure.

Hazel Wilkinson | Treasury Solutions | nabCapital