FOREXYARD: Forex News Blog | |
| Posted: 25 Feb 2010 11:20 PM PST
After Fed Chairman Ben Bernanke’s testimony yesterday, the USD has entered a minor down-turn. His statements reaffirmed the notion that interest rates will be held at record lows for some time. Even though the US stock market received a boost from this news, the greenback suffered a set back. Events to watch today: 9:30 GMT: GBP – Revised GDP - The second, revised, edition of the British Gross Domestic Product (GDP) is one of the less important versions of Britain’s economic overview, but given the GBP’s recent downturn and political tensions, any figures coming out of Britain that do not prove positive have the ability to damage the GBP’s strength. 13:30 GMT: USD – Prelim GDP - The Prelim GDP report for the United States is similar to the British Revised GDP listed above. The difference is that Bernanke’s testimony yesterday which reconfirmed the Fed’s desire to hold rates at record lows for some time has had a dampening effect on the greenback. If this report proves negative, the USD’s small downturn could become a larger downturn going into the end of this week’s trading. |
| Posted: 28 Aug 2009 01:50 AM PDT
About 5 minutes ago, the British Revised GDP figures were released, showing a -0.6 decline rather than -0.7%. This is basically what investors expected. Immediately following the result, the GBP/USD cross dipped below the 1.6300 mark. However, soon after trader confidence pushed the GBP/USD pair back up to the 1.6310 level. Therefore, my previous article that written around 2 hours or so earlier was correct. It is recommended that you buy into this pair whilst it is still rising. Additionally, despite the downtrend facing the British economy, it’s important to take into account that the GBP is extremely undervalued. Therefore, the GBP is likely to gain against currencies such as the USD, EUR, and JPY today. As Friday’s trading lifts off, it is recommended that you buy into the GBP’s main crosses. If you read my other article at the GBP CAMPAIGN, you will have come to realize that most of my predictions have been correct. Therefore, in order to make BIG PROFITS NOW, I recommend you open a standard account with ForexYard. If you have any more questions about the GBP, or any other currency, you can always email me. |
| British Revised GDP – 1st Quarter Posted: 21 May 2009 05:20 AM PDT
This Friday the British Revised GDP figures are scheduled to be published at 8:30 GMT. This data release is a measure of the alteration in the value of services and goods that are produced by the British economy in each quarter. In most cases an equal or better than forecasted result produces a bullish Pound versus its major currency crosses. The data release is the most extensive and important primary measures of the health of the British economy. There are 3 varieties of GDP figures that are published about a month apart. These are the Preliminary, Revised, and Final. The former, however, seems to impact markets the most as it is the earliest release. Most analysts are of the view that the British Revised GDP figures of the 1st quarter will be about -1.9% from the 4th quarter of 2008. The forecast is actually identical to the figures from the previous quarter. This is due to the economic decline in Britain at a steady pace, as the reality on the ground shows mixed signals coming out of the British economy. However, forecasts point to Britain climbing out of the economic recession earlier than her European counterparts. The GBP/USD rate is currently trading over 100 pips lower at 1.5668, despite rising to over 1.5815 in yesterday’s trading on Wednesday. The EUR/GBP rate is 65 pips higher at 0.8975, eating into yesterday’s gains for the cable. If the GDP figures are the same or are worse than the forecasted -1.9% figure than this could lead to a bearish GBP going into end of week trading. Therefore, the GBP/USD rate could go below 1.5560, whilst the EUR/GBP cross could fall below 0.8745. However, if the results are less severe than analysts fear, then there could be a very bullish GBP going into next week’s trading. Therefore, the GBP could jump over 100 pips against the USD, EUR and JPY respectively. In the meantime, traders are advised to pay close attention to news events coming out of Britain and the U.S., such as U.S. Unemployment Claims today at 12.30 GMT. |
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