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The number of people claiming unemployment benefit in Britain unexpectedly fell in July despite the shock decision by voters to leave the European Union, suggesting little immediate impact from Brexit on the labor market.Benefit claimants fell by 8,600 in the month, compared with an increase of 900 in June, and there was only a small fall in the number of jobs employers were trying to fill, the Office for National Statistics said on Wednesday.Economists taking part in a Reuters poll had expected…
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USD Finds Steadier Ground After Heavy Trading Day
The US dollar has found steadier footing today after trading heavily yesterday. There are two main themes. The first issterling’s heavy tone. After closing the North American session 0.5% higher yesterday to snap a five-day losing streak, it has come under new pressure today.The ostensible trigger was the RICS house price balance, which slumped to 5% from a revised 15% in June (initially 16%) It is the lowest read…
In An Otherwise Uneventful FX Market, GBP Slips To 4
In an otherwise uneventful foreign exchange market,sterling's slide for its fifth consecutive session is the highlight. It was pushed below $1.30 for the first time since July 12. Initial resistance for the North American session is seen near $1.3020, while the $1.2960 area corresponds to a minor retracement objective.Sterling has been sold-off since the middle of last week.Today's data may have simply provided a little more ammo for what the market was already doing. .There were three reports t…
Dollar, Yen Advance Amid Growing Investor Angst
Sterling spiked down to $1.28 in early Asia. It snapped back to almost $1.30 before the European session, where it has been trading broadly sideways. The tone remains fragile, and a retest of the lows seems likely.The euro posted a bearish outside down day yesterday and has seen follow through selling today. It fell through $1.1040 in Asia but has held above there in Europe. The upside has been capped near $1.1080, but resistance may extend to $1.1100.The …
Manufacturing activity in the U.K. unexpectedly rose in June
Manufacturing activity in the U.K. unexpectedly rose in June to its highest level since the beginning of the year, industry data showed on Friday.In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 52.1 last month from a reading of 50.1 in May.That was its highest level since January 2016Analysts had expected the index to drop back into contraction at 49.9 in May.On the index, a reading above 50.0 indicates industry expansion, below indica…
Sterling try to shake off Brexit blues
"Short-covering in the currency market and U.S. futures market is limiting selling," said Yutaka Miura, senior technical analyst at Mizuho Securities. "But overall sentiment remains fragile.""Friday's Brexit jump scare has faded, but markets are still worried" about its possible effect on global demand, SLW brokerage trader João Paulo de Gracia Corrêa said.Policymakers from Japan to China vowed to protect their economies and markets from the destabilizing impact of Brexit."It's hard to avoid sho…
Brexit week
The U.K vote to leave the EU will obviously dominate the summits of European heads of government and global central bankers this week.Beginning today, central bankers gather for at a three-day meet in Portugal. What many may have considered a boring topic “The Future of the International Monetary and Financial Architecture” should be rather apropos given the financial market fallout after last week’s shock ‘Brexit’ vote. Not sure whether BoE’s Governor Carney will have the time to fulfill his sp…