Foreign Currency Transfers - Market Summary from SendMoneyhome – 08/07/2010

July 8, 2010 - PRLog -- Good afternoon, I have been scouring market commentaries today and have found these highlights from Moneycorp, Currencies Direct and TorFX. The focus of today’s commentaries is on the Bank of England and European Central Bank’s decisions on interest rates later on this afternoon, arguably the most important data for some time. The market is slightly hesitant given the position of Andrew Sentance at the BofE who voted in favour of raising interest rates last month. The minutes of these meetings are likely to be analysed rigorously for any inferences into the two bank’s respective positions and thoughts on the market.


Moneycorp

Improved sentiment helps commodity currencies

- Strong employment number helps Aussie
- BoE and ECB rate decisions today


“The market yesterday was much more interested in rising equity prices and successful auctions of German and Portuguese government debt. That Germany could raise €10 billion of ten-year money was no surprise. However, selling €0.8 billion of six-month bills at a yield below 2% was a minor triumph for Portugal, given it had to pay a full percentage point more than that on its previous outing two months ago. Positive sentiment all round allowed the commodity currencies to move ahead and left the Yen unwanted....”

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Currencies Direct

Monetary Policy Sets The Tone
“Today sees announcements from the Eurozone and UK on the future path of monetary policy. Whilst it is expected that there will be no change in either the Bank of England or European Central Bank base rates, the markets will be waiting to get an insight into policy maker’s thoughts”
US jobless claims will also get some attention from the markets. After last week's disappointing payrolls, markets will continue to look out for signs of weakness in the labour market...”

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TorFX

The pound edged up versus a broadly struggling euro, but the single currency managed to stay in range of a two-week high hit on Tuesday. The euro has rallied in the past week as investors covered extreme short euro positions.
Optimism that a tight budget announced by the UK coalition last month will improve Britain's fiscal position has given way to concerns about the impact of tax hikes and spending cuts.
Standard Chartered Global Research argued yesterday that premature fiscal tightening in Europe had raised the risk of a double-dip recession.
"Exit strategies are the centre of attention. The recent G20 proved to be a meeting where everyone spoke globally but acted nationally," it said in a note.
Interest rate decisions from the Bank of England and European Central Bank headline the economic calendar today. While any significant changes in the key elements of monetary policy are unlikely in both cases, the outcomes may still prove to stoke significant volatility around currency markets.

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