6 Jan 2016
UK Construction buoys the pound - Investec
FXStreet (Delhi) – Research Team at Investec, suggests that the UK Pound rallied against the Euro yesterday as a stronger than expected UK Construction PMI release buoyed the Pound against the Euro, suffering after a softer than expected flash Inflation print.
Key Quotes
“Both currencies fell against the US Dollar though, with the Pound notably managing a very small rally on the better data, as strength was hit quickly by investors looking to buy cheaper Dollars. The other stand out performer has been the Japanese Yen, with markets disappointed by a lack of further Japanese easing and safe haven flows rushing in after the 7% Chinese stocks drop that started this week. Also, there was news overnight that North Korea has allegedly completed a Hydrogen Bomb detonation test. Emerging market currencies in contrast continue to slide on the risk averse moves.”
Key Quotes
“Both currencies fell against the US Dollar though, with the Pound notably managing a very small rally on the better data, as strength was hit quickly by investors looking to buy cheaper Dollars. The other stand out performer has been the Japanese Yen, with markets disappointed by a lack of further Japanese easing and safe haven flows rushing in after the 7% Chinese stocks drop that started this week. Also, there was news overnight that North Korea has allegedly completed a Hydrogen Bomb detonation test. Emerging market currencies in contrast continue to slide on the risk averse moves.”