The Great Britain pound was little changed today even after UK consumer confidence unexpectedly fell this month, suggesting that the Britain’s problems did not end yet.
The GfK UK Consumer Confidence Index decreased by one point to -27 in April. Forecasters have predicted it to stay unchanged at -26. The report said that “the recovery in confidence has stalled, and real recovery looks a long way away”.
GBP/USD was at about 1.5495 as of 8:30 GMT today after falling from 1.5498 to 1.5465. GBP/JPY traded at 151.45, near the opening of 151.47.
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Many are now expecting that the European Central Bank will cut its benchmark interest rate at its next meeting due to the latest confidence data out of the eurozone. Economic confidence continues to dwindle, and that could lead the ECB to cut rates in a stimulus effort.
The latest economic confidence data out of the eurozone shows a larger slump than expected. According to the Economic Sentiment Indicator, confidence in the eurozone economy dropped to 88.6 in April.
Confidence indicators across the eurozone are slipping, including in Germany, the largest economy in the 17-nation currency region. With even Germany struggling, the rest of the eurozone is likely to follow suit.
As a result of the latest economic data, many expect that the ECB will cut interest rates from 0.75 per cent to 0.5 per cent sooner than expected in an effort to boost the economy.
Even with these expectations, though, the euro is gaining ground against its major counterparts. Risk appetite has returned to the markets, and there is sufficient optimism elsewhere that the euro is finding support.
At 15:22 GMT the euro is heading higher against the US dollar, with EUR/USD up to 1.3103 from the open at 1.3049. EUR/GBP is up to 0.8451 from the open at 0.8425. EUR/JPY is up to 128.4530 from the open at 127.8300.
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The Australian dollar gained against its US counterpart today even as business confidence edged down last month. At the same time, the trimmed its gains versus the Japanese yen.
The National Australia Bank business confidence index went down from 3 to 1 in February. The report mentioned the high exchange rate of AUD as one of the reasons for the decline of confidence among businesses. The currency was rising against USD despite the data, but gave up almost all its gains against the yen, which erased its previous losses caused by the intervention threat.
AUD/USD rose from 1.0277 to 1.0317 as of 12:22 GMT today. AUD/JPY rose from 98.95 to 99.55, the highest rate since August 2008, but retreated to 99.12 later.
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The New Zealand dollar advanced today as business confidence climbed in February. Building permits declined last month, but this did not deter the rally of the currency.
ANZ business confidence jumped from 22.7 in January to 39.4 in February. It is the highest level in 19 months. Building permits fell 0.4 percent in January on a seasonally adjusted basis after rising 9.4 percent in the prior month. The currency paid attention to the good report, not the bad one, and rallied.
NZD/USD rose from 0.8273 to 0.8306 as of 11:16 GMT today. NZD/JPY advanced from 76.31 to 76.47 and its intraday high was at 76.91.
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The New Zealand dollar rose as the expanding manufacturing sectors and improving consumer confidence lead to speculations that the nation’s central bank will keep interest rates stable.
The BNZ-BusinessNZ seasonally adjusted PMI rose 4.8 points from December to 55.2 in January. It was the highest reading since May. The ANZ-Roy Morgan Consumer Confidence measure climbed 2.7 points to 121 in February, reaching the 32-month high.
The New Zealand economy was showing signs of strength previously, so the positive data was not completely unexpected. Yet the how good it actually was surprised market participants to some degree.
NZD/USD climbed from 0.8451 to 0.8466 as of 6:16 GMT today, touching 0.8490 intraday — the strongest price since September 2011. NZD/JPY went up from 78.93 to 79.19.
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The Australian dollar advanced today as consumer sentiment improved this month, reducing incentive for the central bank to lower its interest rates.
The Westpac Melbourne Institute Index of Consumer Sentiment rose 7.7 percent in February. The rise followed the 0.6 percent increase in January. Investors trimmed their bets on an interest rate cut at the next meeting of the Reserve Bank of Australia. It is still likely that the central bank will slash rates, just not in the immediate future.
AUD/USD rose from 1.0303 to 1.0331, reaching 1.0359 intraday, and AUD/JPY went up from 96.31 to 96.70 as of 14:10 GMT today.
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By Karin Laub, The Associated Press. Used with permission by Iraq Business News.
An Iraqi telecom company raised nearly $ 1.3 billion Sunday on Baghdad’s small stock exchange in one of the region’s biggest share offers in years — a sign of investor confidence in the fledgling private sector despite violence that still plagues the country.
In a reminder of Iraq’s volatility, several suicide attackers on foot and in two explosives-laden cars assaulted a provincial police headquarters in northern Iraq, killing at least 15 people and wounding 90. Rescue workers led away dazed survivors, including veiled women climbing over debris, and pulled several mangled and scorched bodies from the rubble.
The level of violence has dropped sharply since the worst sectarian fighting in 2006-2007, yet bombings and shootings still kill dozens of people every month. Investors say the continued security risks, along with concerns about official red tape and corruption, have restricted the growth of Iraq’s private sector.
Iraq sits on vast oil reserves, and foreign investment has focused heavily on the government-controlled energy sector.
So it was good news for the Iraq economy when nearly two-thirds of the money raised by the telecom company came from foreign buyers.
“Iraq is a very difficult place to do business in,” said Shwan Taha, head of Rabee Securities, the brokerage firm that organized Sunday’s share float of Asiacell, one of Iraq’s three main mobile phone service providers. “Iraq came out of a long dictatorship. We had 30 years of war and sanctions. We missed a lot of trains, not only one.”
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By Karin Laub, The Associated Press. Used with permission by Iraq Business News.
An Iraqi telecom company raised nearly $ 1.3 billion Sunday on Baghdad’s small stock exchange in one of the region’s biggest share offers in years — a sign of investor confidence in the fledgling private sector despite violence that still plagues the country.
In a reminder of Iraq’s volatility, several suicide attackers on foot and in two explosives-laden cars assaulted a provincial police headquarters in northern Iraq, killing at least 15 people and wounding 90. Rescue workers led away dazed survivors, including veiled women climbing over debris, and pulled several mangled and scorched bodies from the rubble.
The level of violence has dropped sharply since the worst sectarian fighting in 2006-2007, yet bombings and shootings still kill dozens of people every month. Investors say the continued security risks, along with concerns about official red tape and corruption, have restricted the growth of Iraq’s private sector.
Iraq sits on vast oil reserves, and foreign investment has focused heavily on the government-controlled energy sector.
So it was good news for the Iraq economy when nearly two-thirds of the money raised by the telecom company came from foreign buyers.
“Iraq is a very difficult place to do business in,” said Shwan Taha, head of Rabee Securities, the brokerage firm that organized Sunday’s share float of Asiacell, one of Iraq’s three main mobile phone service providers. “Iraq came out of a long dictatorship. We had 30 years of war and sanctions. We missed a lot of trains, not only one.”
Iraq Business News
By Karin Laub, The Associated Press. Used with permission by Iraq Business News.
An Iraqi telecom company raised nearly $ 1.3 billion Sunday on Baghdad’s small stock exchange in one of the region’s biggest share offers in years — a sign of investor confidence in the fledgling private sector despite violence that still plagues the country.
In a reminder of Iraq’s volatility, several suicide attackers on foot and in two explosives-laden cars assaulted a provincial police headquarters in northern Iraq, killing at least 15 people and wounding 90. Rescue workers led away dazed survivors, including veiled women climbing over debris, and pulled several mangled and scorched bodies from the rubble.
The level of violence has dropped sharply since the worst sectarian fighting in 2006-2007, yet bombings and shootings still kill dozens of people every month. Investors say the continued security risks, along with concerns about official red tape and corruption, have restricted the growth of Iraq’s private sector.
Iraq sits on vast oil reserves, and foreign investment has focused heavily on the government-controlled energy sector.
So it was good news for the Iraq economy when nearly two-thirds of the money raised by the telecom company came from foreign buyers.
“Iraq is a very difficult place to do business in,” said Shwan Taha, head of Rabee Securities, the brokerage firm that organized Sunday’s share float of Asiacell, one of Iraq’s three main mobile phone service providers. “Iraq came out of a long dictatorship. We had 30 years of war and sanctions. We missed a lot of trains, not only one.”
Iraq Business News
The Great Britain pound advanced today, rising for the third straight session against the US dollar, as consumer confidence improved and growth of house prices beat forecast in the United Kingdom this month.
The GfK consumer confidence rose from -29 in December to -26 in January. The report noted that “there’s a definite note of optimism in these findings”, but “people’s views of their own financial situation aren’t as optimistic”. The Nationwide House Price Index advanced 0.5 percent in January, beating the forecast of 0.3 percent. On an annual basis, the index was unchanged.
GBP/USD rose from 1.5797 to 1.5834 as of 9:24 GMT today. GBP/JPY was near its opening level of 143.86, rebounding from the daily low of 143.41.
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