Daily Forex Brief

Wednesday 19th February 2014 11:01:09 am (GMT)
Daily Forex Brief
The Daily Forex Brief is written by FxPro's team in the City of London. Visit fxpro.co.uk for more news, FX commentaries, FxPro TV, real-time feeds, calculators and tools.

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The underlying theme of dollar weakness has continued overnight, with the main dollar index (DXY) hitting a new low for the year below the 80.0 level. The single currency itself managed to stage something of a come-back yesterday above the 1.3750 area. Expectations of more policy action and the passing of year end factors which had boosted the euro at the end of 2013 made for a soft start to the year, but so far in February there have only been 3 down days for EURUSD.
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Sterling wrong-footed by rise in unemployment rate
19th February 2014 @ 09:37 GMT
Sterling dropping below 1.67 after surprise rise in unemployment rate from 7.1% to 7.2%. Earnings rising 1....
Dollar weaker after latest data, EUR at 1.3745
18th February 2014 @ 13:36 GMT
EURUSD moving higher to 1.3740, level last seen 2nd Jan. US Empire manuf data weaker at 4.48 (from 12.51). ...Upcoming Webinars
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Bank of England keeps digging
12/02/14 @ 12:21 GMT by Simon Smith, Chief Economist
The Bank of England is in a hole and instead of climbing out, it has continued to dig. Recall, when forward guidance was introduced 6 months ago, there were several knock-outs, which allowed the Bank 'wiggle room' around its new 7.0% threshold level on the unemployment rate, above which rates would continue to be kept low. Six months on, with unemployment having moved close to the 7.0% level far faster than anyone anticipated, the Bank has introduced a lot more complexity to the policy outlook.

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