13 May 2011 – Daily market analysis by Tim Lewis
July 27th, 2011 | 
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Tim Lewis is a Corporate Dealer at Currencies Direct UK, lends us his expertise on a daily basis. Foreign Exchange (FX) Market analysis is a daily market overview and commentary Eurozone Growth Smashes Expectations Sterling moved lower against the dollar yesterday after a report showed manufacturing rose less than estimated, giving the Bank of England leeway to hold its main interest rate at a record low for longer to spur growth. Sterling also declined versus the euro, retreating from a seven week high. The Pound seems to be held back as investors view that the Bank of England will struggle to hike aggressively in the short term. It doesn’t appear that rates will go up until at least November, which will limit the ability of sterling to appreciate. Markets plunged in the US on Wednesday, but Thursday brought a small recovery. Encouraging economic numbers helped to improve sentiment while US retail sales rose for the tenth month in a row, and initial jobless claims decreased. The Dollar will look to today’s CPI stats to determine whether rate expectations should rise. The consensus forecast of a 3.1% annual pace of inflation would push price pressures well outside the central bank’s comfort zone. This morning saw the release of Q1 preliminary GDP figures for Germany, Spain and France, all beating estimates. German economic growth accelerated more than economists forecast to 1.5% in the first quarter as booming exports fuelled domestic spending. Spain grew 0.3% as …
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