Finotec News Archive - June 30 2009

Sterling rockets after good housing data and a weak Dollar

The GBP/USD was boosted after data showing that UK house prices rose for the second month in a row

Tammy Wally
30 June 2009

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EUR/USDUSD/JPYGBP/USDUSD/CHF

Resistance		1.4255
1.4180
1.4155		96.65
96.35
95.85		1.6935
1.6790
1.6745		1.1030
1.1020
1.0915

Support		1.4070
1.3980
1.3890		95.35
94.90
94.45		1.6620
1.6585
1.6510		1.0635
1.0590
1.0485

The British Pound hit its highest level of the year against a basket of major currencies on Tuesday today, boosted a rise against the greenback earlier in the day. The GBP/USD was boosted after data showing that UK house prices rose for the second month in a row in June and posted their smallest annual fall in nearly a year suggested that the ailing UK housing market may be stabilizing. The view is also that U.S. interest rates will probably stay low for a while thus prompting some investors to look elsewhere for riskier assets that may offer more returns. Analysts said that movements were being driven by short term speculators, while others in the market said that Middle Eastern investors were buying sterling against the greenback. The GBP/USD is currently trading at $1.6690 as of 8:59am, London Time.


The greenback weakened against the euro as European and Asian stocks gained on speculation the global recession is slowing, damping demand for the U.S. currency as a refuge or safe haven. The dollar declined against most currencies before a U.S. report that economists say will show consumer confidence rose, giving investors more confidence to buy higher yielding assets. The JPY gained against the euro and rose versus the dollar on speculation investors reduced bets Japan’s currency will weaken before the Bank of Japan’s quarterly Tankan survey tomorrow. “The risk potential in terms of growth is to the upside and that’s supporting risk-taking,” said Lee Hardman, a currency strategist in London at Bank Tokyo-Mitsubishi UFJ Ltd. “There’s potential for risk assets to extend higher.” The EUR/USD is currently trading at $1.4110 as of 9:17am, London Time.


The Swiss franc fell to session lows against the dollar and euro last Thursday on rumors from currency traders that the Swiss central bank was selling francs. Several traders cited talk the Swiss National Bank was selling francs for euros and dollars on Thursday, possibly via the Bank for International Settlements.Both the SNB and BIS declined to comment. The market is still jittery a day after traders said the Swiss central bank had intervened to weaken the Swiss currency. The SNB repeatedly intervened in the currency market on Wednesday, traders said, giving a stark reminder that it is determined to fight deflation risks by preventing a rise in the Swiss franc. The USD/CHF is currently trading at 1.8000 as of 9:22am, London Time.

Finotec Analysis Team
30 June 2009

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Today's Economic Events





Time Event Currency/Country Period Previous Forecast Significance Actual
30-06-2009 23:50Loans & Discounts Corp (Y-o-Y)JapanYearly3.0 2
30-06-2009 23:50Tankan Large Mfrs IndexJapan-58-432-48
30-06-2009 23:50Tankan Large Mfrs OutlookJapan-51-343-30
30-06-2009 23:50Tankan Non-Mfrs IndexJapan-31-262-29
30-06-2009 23:50Tankan Large All Indust CapexJapan-6.6-6.92
30-06-2009 23:30AiG Performance of Mfg IndexAustralia37.5 3
30-06-2009 21:00ABC News Consumer Confidence IndexUnited States-53-514-51
30-06-2009 14:00NAPM - MilwaukeeUnited States43 4
30-06-2009 14:00Consumer Confidence IndexUnited States54.855.1249.3
30-06-2009 13:45Chicago PMIUnited States34.938.8239.9
30-06-2009 13:00S&P/Case-Shiller Composite-20 (Y-o-Y)United StatesYearly-18.70-18.754-18.1
30-06-2009 13:00S&P/Case-Shiller Home Price IndexUnited States139.9 2
30-06-2009 12:30GDP (M-o-M)CanadaMonthly-0.3-1.03-0.1
30-06-2009 12:30Raw Materials Price Index (M-o-M)CanadaMonthly-0.32.032.2
30-06-2009 12:30Industrial Product Price (M-o-M)CanadaMonthly-0.5-0.64-1.1
30-06-2009 08:30Total Business Investment (Q-o-Q)UKQuarterly-5.54
30-06-2009 08:30Total Business Investment (Y-o-Y)UKYearly-6.8-6.83
30-06-2009 08:00M3 Money Supply (3M)Eurozone5.2 3
30-06-2009 08:00M3 Money Supply (Y-o-Y)EurozoneYearly4.9 3
30-06-2009 07:55Unemployment RateGermany8.28.32
30-06-2009 07:55Unemployment ChangeGermany1423
30-06-2009 07:00Financial Account Balance - BoPCHF/Switzerland 0.7 416.5
30-06-2009 06:00UBS Consumption IndicatorSwitzerland 0.92 2
30-06-2009 06:00Nationwide House Prices (M-o-M)UKMonthly1.2-0.43
30-06-2009 06:00ILO Unemployment RateGermany7.7 27.7%
30-06-2009 05:30Private Sector Credit (M-o-M)AustraliaMonthly0.10.24
30-06-2009 05:30Private Sector Credit (Y-o-Y)AustraliaYearly4.64.24
30-06-2009 05:00HIA New Home Sales (M-o-M)AustraliaMonthly0.5 4
30-06-2009 05:00Small Business Confidence IndicatorJapan34.1 2
30-06-2009 05:00Housing Starts (Y-o-Y)JapanYearly-32.4-28.22-30.8
30-06-2009 05:00Annualized Housing StartsJapan0.779 2
30-06-2009 05:00Construction Orders (Y-o-Y)JapanYearly-25.9 2
30-06-2009 04:00Retail Sales (M-o-M)GermanyMonthly0.50 2
30-06-2009 04:00Retail Sales (Y-o-Y)GermanyYearly-0.80-1.603
30-06-2009 04:00Official Foreign ReservesAUD/Australia52.2 3
30-06-2009 04:00Official Foreign ReservesUSD/United States81.69 3
30-06-2009 04:00Official Foreign Reserves€/Eurozone386.25 3392.21
30-06-2009 03:00NBNZ Business ConfidenceNew Zealand1.9 2
30-06-2009 01:30Private Sector Credit (M-o-M)AustraliaMonthly0.10.24
30-06-2009 01:30Private Sector Credit (Y-o-Y)AustraliaYearly4.6 4
30-06-2009 01:30HIA New Home Sales (M-o-M)AustraliaMonthly0.5 4
30-06-2009 01:30Labor Cash Earnings (Y-o-Y)JapanYearly-2.7-3.02-2.9

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