Market Report

Well, I never got my wish for Tottenham to sign Ruud Van Nistelroy! Read on for my wish for today.

A very quiet day in the markets yesterday, as the 'holiday' mood starts to set in. GBP/USD kept the gains made on Wednesday and traded between 1.8580 and 1.8650 during the course of yesterday.

GDP data from the US is being released this afternoon, which is the only thing that could bring the rate back to the 1.84 we saw at the beginning of the week. If the GDP comes out at 3.2% this will confirm thoughts that US interest rates will stay on hold in August.

You are probably bored of me telling you this, but GBP/EUR has stayed in its range of 1.46 to 1.4650. I think we will have to wait until next week for any significant movements.

My wish for today would be to see Michael Carrick do the correct thing and turn down other offers and stay with Tottenham. Again I think I must be dreaming!

DE

Good morning. I hope everyone is not getting too bored with the markets, as very little seems to be happening!

Yesterday was slightly different though! GBP/USD moved from 1.84 to 1.86 after a report changed the USD interest rate opinion. The markets opinion was that interest rates in the states were going to be increased in both August and September. However after the 'Beige' report yesterday market opinion has changed and the general consensus is that USD rates will stay on hold in August (the first time rates would not have been hiked for 16 months!)

GBP/EUR has continued to bore everyone, staying in the narrow range of 1.46 and 1.4640 for all of yesterday. No surprise as British Gas have decided to increase their prices (again!), apparently its because we are all using our air conditioners and fridges too much!

Today sees the release of the US durable goods order at 1.30, which if a good figure will possibly see GBP/USD came back towards 1.85.

Hopefully today will also see Tottenham sign Ruud Van Nistelrooy from Manchester United.....well we can all dream!

Have a good day.

DE

Good morning all, there is very little data out from the United States today. Yesterday saw the United States consumer confidence figures released which has increased the chances of a interest rate hike in August. Subsiquently the Dollar has strengthened over the last 24hours opening yesterday at 1.8503 and today at 1.8411 how much further this move will go may depend on the worsening situation in the Middle East.

Figures released from the United Kingdom are a little sparse today with the exception of the Confederation of British Industry trends this is not expected have any great influence on the Sterling rate. Sterling opened this morning at1.4634 in comparison to 1.4649 not much movement at all really. As has been stated here in the past I believe this to be a good time to buy those Euros.

Have a good day.

VC

Another night of continued violence in the Middle East, and Condoleezza Rice is trying to broker a ceasefire. As this war has progressed, the effects on the market are waning.

GBP/USD hardly moved yesterday trading in the range of 1.8490 to 1.8520. Today sees the release of consumer confidence figures and housing stats from the US at 3pm. This is expected to show consumer confidence down to 104, and home sales to decline. Only a big deviation away from these expected results will see the markets move.

GBP/EUR traded in the narrow range of 1.4620 to 1.4670. There is nothing to suggest that this range will change today, as there is very little in the way of economic data today that will affect this.

Have a nice day - well done Essex for reaching the Twenty20 cup semi final!

DE

Hope you all had a nice weekend and enjoyed the sunshine. Today sees a very quiet start to the week for data release from the United States. After last weeks negative move for the Dollar which saw the Dollar rate against Sterling fall to 1.86. This morning has seen a slight recovery with the rate climbing to 1.8493. With the current turmoil in the Middle East any escalation in the war could have some dramatic effects on the financial markets.

The Sterling rate against the Euro opened this morning at 1.4641 still a very good time in my opinion to buy Euros. As with the United States there is very little on the data front today. The main mover for Sterling seems to be the belief that an interest rate hike is on the agenda for the third of August, with the financial markets having now priced this into the rate should the rise not materialise we may see Sterling come under pressure again soon.

VC