Analysis

A bond auction saw Italian bond yields close in on the 8% mark yesterday, which represents yet another euro-era high.
Read More

News from the weekend suggested Italy could be in line for an IMF aid package worth €600bn.
Read More

News from the weekend suggested Italy could be in line for an IMF aid package worth €600bn.
Read More

The euro is suffering major pressure against the dollar but sterling is struggling to capitalise at present.
Read More

Wednesday’s session was a tough one for the euro; it took a hit from a horrendous industrial new orders figure but the main factor weighing on the single currency was German (yes, German) bunds that came under pressure.
Read More

US GDP for the third quarter came in at a disappointingly low rate of 2.0% (annualised), well below expectations of a figure half a percent higher.
Read More

Sterling had a torrid start to the week, losing ground to both the US dollar and the euro yesterday, showing some signs of being overbought.
Read More

Last week’s announcements revealed lower UK inflation, high unemployment and reduced growth forecasts from the Bank of England.
Read More

To view our weekly market analysis
Click here

UK retail sales for October came in well above expectations yesterday, showing some impressive growth against expectations of a contraction.
Read More

Poor UK data ensured that sterling traded heavily yesterday. The UK unemployment rate reached 8.3% in October, which represents a 15-year high.
Read More

Rumours of French and Austrian debt downgrades hurt the euro yesterday, and overshadowed any positive sentiment relating to some better than expected US retail sales figures.
Read More

Mario Monti had a rude awakening to his tenure as new Italian PM, as yields on sovereign debt throughout the euro-zone shot up.
Read More

Stock markets were up today on news that ex-EU commissioner Mario Monti has been appointed to take the helm of Italy’s new technocratic government. Silvio Berlusconi’s departure was confirmed on Saturday, when new austerity measures were passed by both houses of Italy’s parliament.
Read More

The euro pared back its recent losses yesterday, and extended gains against its major counterparts, as the market took respite in the Italian 10-year bond yields retreating back under the psychological 7 percent level after an ill-timed sale.
Read More

Stock markets fell, and risk appetite waned during yesterday’s session as it was revealed that Italy’s borrowing costs were becoming unsustainable, with yields on their 10-year bonds peaking at 7.48 per cent – a euro era high.
Read More

The Italian budget vote was passed, though not with a parliamentary majority and Berlusconi has since agreed to step down as Prime Minister. Risk appetite ticked higher as a result of his exit, but confidence levels have waned a little this morning.
Read More

Monday’s session saw rumours surface of Berlusconi’s resignation (he has not), ahead of today’s crucial Italian budget vote, which could see the Italian premier step down if it is rejected.
Read More

The weekend headline is that a Greek coalition government has formed to approve the recent bailout deal, and Prime Minister Papandreou has unsurprisingly stepped down after his referendum debacle.
Read More

The ECB provided the market with a surprise yesterday by cutting interest rates from 1.50% to 1.25%; Mario Draghi certainly made an impact in his first meeting as president of the central bank.
Read More

The US Federal Reserve’s statement revealed a fairly positive view of US economic growth in the third quarter, but stressed that “significant downside risks” remain and the market took more notice of downgraded US economic forecasts.
Read More

UK GDP in the third quarter of this year picked up to 0.5%, above expectations and well above Q2’s 0.1% showing.
Read More

Sterling enjoyed major gains in unusually thin trading yesterday; the end of the month can often throw up some surprising movements and this was one such day.
Read More

It was a quiet end to a hectic week last Friday, but the dollar has found some favour over the weekend as a result of currency intervention from the Bank of Japan.
Read More

The euro enjoyed enormous gains yesterday as markets continued to trade positively in response to Wednesday’s debt package.
Read More

After some very nervous trading in the build up to the announcement of a deal struck by EU leaders at yesterday’s Summit, the euro is trading very positively.
Read More

The long-awaited EU Summit has finally arrived and we will (hopefully) get a look at EU leaders’ attempt at a “comprehensive package” to deal with the eurozone’s various economic and fiscal issues.
Read More

Monday’s session saw plenty of range-bound trading as investors laid in wait for concrete news out of the eurozone.
Read More

The weekend’s EU summit produced no final decisions, as was hinted to be the case late last week.
Read More

There were mixed headlines of the eurozone yesterday. Investors were encouraged early on after a document was released which set out guidelines under which the bailout fund will be able to buy up bonds on the secondary market.
Read More

MPC minutes from yesterday revealed that all nine members voted unanimously in favour of the additional quantitative easing decision earlier this month.
Read More

Yesterday's major UK news was that headline inflation rose to 5.2%, well ahead of expectations of a rise to 4.9%.
Read More

The euro failed to build on a strong start to the session, as comments out of Germany suggested the market’s expectations of a long-term solution to the region’s debt crisis to come this weekend were overdone.
Read More

Market confidence levels were elevated once again on Friday, buoyed by some surprisingly strong US retail sales figures.
Read More

To view our weekly market analysis
Click here

A somewhat calmer day in the currency market yesterday; today’s US retail sales should attract a little more interest.
Read More

Yesterday was another strong one for risk sentiment, which saw the euro and aussie dollar benefit in particular.
Read More

Sterling had another poor session yesterday; most likely attributable to not just the Bank of England’s quantitative easing announcement, but upon growing speculation of the QE programme being expanded once again in coming months.
Read More

In thin trading due to a US bank holiday, the euro enjoyed an exaggerated move higher thanks to Merkel and Sarkozy’s pledge to come up with a comprehensive plan to deal with the debt, growth and financial issues in the eurozone.
Read More

Last week finished with a much stronger than expected US non-farm payrolls figure which created a ‘risk on’ trading environment and weakened the dollar.
Read More

To view our weekly market analysis
Click here

Sterling had a torrid time yesterday as the Bank of England announced QE2; £75bn of additional asset purchases in order to boost the UK’s struggling economic recovery.
Read More

Yesterday’s UK services figure gave an impressive showing, exceeding expectations by a considerable margin. However, the final UK GDP figure for the second quarter was revised down to just 0.1%.
Read More

The theme of dollar strength and risk aversion was interrupted by some encouraging remarks from Ben Bernanke indicating that he may resort to further quantitative easing to boost the US economy.
Read More

Monday was yet another weak session for the euro as economic data pointed to a eurozone recession and as European ministers mooted greater private sector involvement in Greece’s second bailout.
Read More

Friday saw the single currency weaken off sharply amid disappointing German retail sales data and generally weak investor sentiment.
Read More

Germany yesterday approved the expansion of the eurozone bailout fund, which failed to offer the much support. 11 eurozone states have now approved the changes to the EFSF.
Read More

Sterling/euro continues to trade sideways around the €1.15 mark; the next main event is the German vote on the bailout fund.
Read More

Sterling/euro continues to trade sideways around the €1.15 mark; the next main event is the German vote on the bailout fund.
Read More

A stronger day for global equities saw the dollar weaken off a little yesterday, giving the euro some room to recoup a fraction of its recent heavy losses.
Read More

To view our weekly market analysis
Click here

The euro has suffered a further slide since Friday thanks to a lack of progress from the weekend’s IMF and ECOFIN meetings.
Read More

It was a case of more of the same yesterday; more dollar strength and more risk averse trading.
Read More

Last week was a stronger one for the euro, which made a moderate recovery from the sharp fall suffered as a result of mounting eurozone debt concerns.
Read More

A major headline yesterday came from the IMF, which cut its forecast for global growth and warned of severe repercussions if the European debt crisis isn’t contained and if US policymakers don’t get a handle on their fiscal plan moving forward.
Read More

The eurozone crisis continues to permeate the market today as investors woke to news that Italy has had its sovereign debt rating cut by Standard & Poor from A+ to A, with a negative outlook.
Read More

Last week was a stronger one for the euro, which made a moderate recovery from the sharp fall suffered as a result of mounting eurozone debt concerns.
Read More

Yesterday’s session saw a highly significant show of action from several G7 central banks, which announced a joint dollar-funded liquidity programme to alleviate stress in the European banking system.
Read More

The euro actually traded relatively strongly in the face of the Austrian parliament’s refusal to approve the European bailout fund’s recent upgrade.
Read More

An uptick in UK headline inflation failed to ease concerns that the Bank of England is soon to introduce further quantitative easing.
Read More

The euro had a stronger day yesterday but remains vulnerable to further slides with the next eight billion euro bailout tranche looking so uncertain.
Read More

To view our weekly market analysis
Click here

The euro has come under broad selling pressure, hitting a six month low against both the pound.
Read More

The Bank of England kept rates on hold at 0.50% yesterday, and crucially announced no further quantitative easing.
Read More

The euro continued to benefit from support as a result of the German court ruling that the eurozone bailouts were legal.
Read More

Yesterday’s session saw some major activity; the Swiss National Bank set a minimum EUR/CHF target rate of 1.20, which had ramifications throughout the currency pairings.
Read More

Growth in the UK services sector suffered the sharpest slowdown in a decade in August, which in combination with last week’s poor construction and manufacturing data, paints a worrying picture of the UK economy.
Read More

After a week of promising US data temporarily eased fears of a US recession, last week’s key monthly employment figure revealed that there had been no additions whatsoever to the non-farm payroll.
Read More

The UK manufacturing sector provided some more poor data yesterday, showing another month of contraction, though at a very marginally slower pace than in July.
Read More

There was no surprise month-end moves this time, yesterday’s session was a case of sideways trading among the majors, though the euro has weakened significantly this morning.
Read More

Tuesday’s session was a poor one for sterling, which lost ground across the board as the safe-haven investment we have seen in August was unwound amid increased risk appetite.
Read More

Last Friday’s session saw the release of some important UK and US GDP numbers. The revised Q2 UK growth figure remained at a disappointing 0.2%, though this was in line with market expectations.
Read More

To view our weekly market analysis
Click here

The US dollar was the outperformer in yesterday’s session. Nerves jangled in the US and European stock markets and investors fled to the safety of the greenback, though it softened up somewhat in the Asian session.
Read More

It seems the market has its eyes very much fixed on Friday’s speech from Bernanke. It was a case of more range-bound trading, despite plenty of fundamental data for the markets to work off.
Read More

Against some of the riskier commodity-linked currencies, sterling was on the back foot but against the majors, the pound broadly traded flat on the day.
Read More

Last week was characterised by another slump in global equities as a result of poor US growth data. Sterling has climbed to the top of its trading ranges against both the euro and the dollar and it will be interesting to see whether its newfound safe haven status can propel it higher.
Read More

To view our weekly market analysis
Click here

The major story from yesterday’s session was some abysmal US manufacturing data, which triggered huge losses in global equities and a sell-off in riskier currencies.
Read More

Yesterday’s MPC minutes revealed a major shift in the voting pattern; the last two remaining hawks (Weale and Bean) joined the dovish camp, voting to keep interest rates on hold at 0.5%.
Read More

Merkel and Sarkozy’s meeting yesterday failed to trigger any major swings yesterday but the results were broadly disappointing.
Read More

The dollar was very much out of favour yesterday. Equities continued to bounce and some poor US manufacturing data reduced demand for the greenback.
Read More

A more stable day in the equities market on Friday, helped by some stronger than expected US retail sales data, improved risk appetite.
Read More

To view our weekly market analysis
Click here

European stocks started on the back foot but a more positive US session more than made up for this, helping the euro to bounce back a little against the dollar, though that pair remains towards the bottom end of its range.
Read More

The Bank of England’s quarterly inflation report revealed downgraded growth prospects for the UK economy, which does not come as much of a surprise given the noticeable slowdown in growth figures over the past three months.
Read More

The US Federal Reserve announced last night that the US interest rate will be kept ultra-low (<0.25%) for the next two years at least.
Read More

The US debt downgrade story triggered major losses in global stocks, which intensified dollar-friendly safe-haven flows in the short-term.
Read More

Friday’s session brought a modicum relief to the markets in the form of some better than expected US non-farm payroll figures.
Read More

The Bank of England stuck to the script yesterday by keeping the UK interest rate on hold at 0.5%.
Read More

Some much-needed good news came from the UK economy yesterday in the form of some far better than expected UK services sector data. S
Read More

Aside from the Senate passing the Budget Control Act and President Obama signing it into US law, the major story from yesterday’s session was the posting of fresh record highs in Italian bond yields
Read More

A deal to increase the US debt ceiling was passed through the House of Representatives last night and the bill should pass through the Senate today.
Read More

Some positive reports of a deal on the US debt issue have emerged from the weekend but the market will want evidence within a concrete bill.
Read More

To view our weekly market analysis
Click here

The dollar continues to trade strongly, benefitting from safe-haven demand as a vote on the debt ceiling was delayed.
Read More

Confederation of British Industry order expectations data put sterling broadly on the back foot yesterday.
Read More

The second quarter UK growth figure was released in line with forecasts of 0.2%.
Read More

The dollar is making serious losses across the board as a result of concerns surrounding the US debt ceiling issues.
Read More

On a relatively quiet day in terms of economic releases, the markets focus will predominantly be on the debt deadlock in the US.
Read More

The market reacted well to news that Euro-zone leaders agreed on a second rescue package for debt-stricken Greece which included €109 billion of government money, plus a contribution of €50 billion from private bond holders.
Read More

Despite rumours of an eighth recruit to the MPC’s dovish camp, the voting pattern showed seven members voted ‘no change,’ two for a rate rise and Adam Posen was yet again the lone member to vote for further UK quantitative easing.
Read More

Yesterday’s session was fairly range-bound amongst the majors ahead of today’s MPC meeting minutes.
Read More

We saw some fairly major swings on a Monday session that looked set to be a quiet start to the week.
Read More

Last Friday’s European stress tests revealed that 8 banks have inadequate capital to deal with possible shockwaves caused by the debt crisis.
Read More

To view our weekly market analysis
Click here

Yesterday’s session saw the release of yet more poor US data, in the form of some stagnant retail sales figures.
Read More

Today’s session is a very important one in terms of informing ECB and Fed monetary policy moving forward.
Read More

UK headline inflation dipped from 4.5% to 4.2% y/y, a downside surprise which put the pound on the back foot initially.
Read More

The euro found it very hard going indeed yesterday, as concerns over debt contagion to Italy mounted.
Read More

Friday’s session was all about the crucial US non-farm payrolls figure, which disappointed alarmingly.
Read More

To view our weekly market analysis
Click here

The euro finally received some much-needed support from some positive comments by Trichet regarding both the possibility of further interest rate rises and Portuguese financial help.
Read More

The Portuguese debt downgrade headline weighed on the single currency throughout yesterday’s session.
Read More

The pound benefitted from a welcome upside surprise in the form of the UK services sector growth figure for June. However, the figure was still not too impressive and we are already seeing that sterling’s gains are proving hard to sustain.
Read More

Yesterday’s session was a slightly quieter one, a rarity of late. UK construction sector growth in June came in precisely on expectations yesterday, revealing a modest slow down in activity.
Read More

Sterling was totally out of favour yesterday ahead of today’s UK manufacturing sector growth figure for June.
Read More

To view our weekly market analysis
Click here

Sterling was totally out of favour yesterday ahead of today’s UK manufacturing sector growth figure for June.
Read More

Yesterday’s European session was initially an example of ‘buy the rumour, sell the fact.’ Investors bought the euro in expectation that the Greek parliament would pass its government’s austerity package, and sold it so as to book their profits.
Read More

The euro benefitted from growing optimism that the proposed Greek austerity measures will be passed through the struggling nation’s parliament today.
Read More

Yesterday’s session was a very quiet one on the data front, but traders showed some optimism towards the single currency.
Read More

To view our weekly market analysis
Click here

This morning sees the single currency on the back foot amongst widespread market jitters before Greece’s parliament meet to discuss their unpopular austerity measures.
Read More

The single currency yesterday pared back its gains that it made the previous day after the Purchasing Managers Index revealed a raft of disappointing manufacturing and services data from the two European strongholds of Germany and France.
Read More

Sterling spent the European session firmly on the back foot across the board. The MPC minutes revealed that quantitative easing had been carefully considered by MPC members other than Adam Posen (who is very much in the dovish camp).
Read More

Yesterday’s session was a story of dollar weakness ahead of today’s crucial Fed rate statement and subsequent press conference.
Read More

The euro had a stronger session yesterday as Jean-Claude Juncker stated that the Greek PM assured him his government would do everything necessary to ensure financial aid.
Read More

The single currency enjoyed a much stronger session on Friday, leaving the key EUR/USD pair flat after a very turbulent week.
Read More

To view our weekly market analysis
Click here

UK retail sales undershot already pessimistic forecasts yesterday, which saw sterling erase some of Wednesday’s gains.
Read More

The euro was very much out of favour again yesterday, as investors demonstrated their nervousness about the Greek issue.
Read More

Defying rumours of a lower figure, UK inflation for May came in at 4.5%, in line with median forecasts.
Read More

Sterling enjoyed a stronger session yesterday, making some decent gains as investors seemingly positioned themselves ahead of today’s monthly UK inflation figure.
Read More

Friday’s session brought yet more bad news from the UK economy; industrial and manufacturing figures showed an alarming monthly contraction.
Read More

To view our weekly market analysis
Click here

Sterling made some much-needed gains against the single currency despite euro-positive news from the ECB.
Read More

Sterling/euro continued its steady descent from its recent high of €1.16, with an IMF appraisal adding keeping sterling under pressure.
Read More

This pair remained range-bound yesterday, struggling to break away from the €1.12 level, but a warning from Moody’s has sparked a sterling sell-off this morning.
Read More

Sterling/euro continued its steady descent from its recent high of €1.16, with an IMF appraisal adding keeping sterling under pressure.
Read More

Sterling/euro continued its decline down towards €1.12, as the key UK growth figure disappointed for the third consecutive month.
Read More

To view our weekly market analysis
Click here

Sterling’s slide against the euro continued yesterday, despite some slightly better news from the UK economy.
Read More

Weak UK manufacturing data triggered a decline in this pair of a full cent since yesterday morning.
Read More

Sentiment towards the periphery showed early signs of a recovery yesterday, as the euro closed over a cent lower on the day.
Read More

Having ascended to €1.16 last Thursday, Sterling/euro is back trading down well below €1.15 on Greek optimism.
Read More

To view our weekly market analysis
Click here

Sterling/euro enjoyed some excellent gains yesterday, reaching a two and a half month high up at €1.16, but again the euro found decent support in the Asian session.
Read More

Sterling/euro benefitted from Greek concerns yesterday, but overnight comments from China erased sterling’s gains.
Read More

The pound is hovering at a 2-month high this morning, trading up against its euro counterpart with the single currency pressurised by Greek uncertainty.
Read More

Sterling/euro actually declined by half a cent in a very quiet session, but the euro may struggle to hold on to these gains.
Read More

After a poor week for sterling, sterling/euro managed to end Friday’s session on the up thanks to Greek debt woes, and it has started this week on the same note.
Read More

To view our weekly market analysis
Click here

Despite some excellent retail sales data, sterling failed to make any sustained gains yesterday as the market remains unconvinced.
Read More

Sterling lost ground as mixed UK employment data gave investors further reason to get out of the pound.
Read More

After some encouraging early gains took this pair above 1.15, sterling spent the rest of the session on the back foot.
Read More

Sterling lost a little ground yesterday as the market was comforted by a solution to the Portuguese issue, but UK inflation expectations have erased those losses.
Read More

Strong eurozone data fails to give the euro any lasting support as debt concerns continue to weigh.
Read More

To view our weekly market analysis
Click here

This pair erased all of the previous gains made on the back of the UK inflation report, as UK data once again reminded investors of the UK economy’s weakness.
Read More

Sterling climbed to a six-week high after King hinted at a BoE rate rise late this year.
Read More

After a strong start to the day, sterling lost ground to the euro as a Dow Jones report indicated a Greece solution.
Read More

Sterling made further gains against the euro as Greek rumours continue to spook investors.
Read More

Sterling benefitted from further euro selling after strong US employment data and rumours of a Greek euro-exit.
Read More

To view our weekly market analysis
Click here

Sterling finished flat on the day against a strong euro; the market seems to have made its mind up about a BoE rate rise before Q4.
Read More

Sterling fell sharply on the poor UK manufacturing data and continued to slide throughout the session to a loss of a cent against the euro.
Read More

Gains made in the wake of last week’s GDP figure have since been erased, as sterling/euro hovers above multi-month lows at €1.12.
Read More

To view our weekly market analysis
Click here

After testing multi-month lows at €1.12 early on in the session, sterling enjoyed a welcome upsurge as the UK economy returned to growth but gains are proving short-lived
Read More

Sterling lost further ground to a broadly stronger euro amid growing market pessimism towards today’s UK GDP figure.
Read More

Sterling climbed by around a cent following Thursday’s UK retail sales data, but has since dipped back down to €1.13 where trading is likely to hover throughout the session.
Read More

To view our weekly market analysis
Click here

Sterling slumped lower against the euro yesterday as MPC minutes push expectations of a BoE rate rise even further back.
Read More

The pound has almost entirely given back its gains from earlier in the week; once again we’re seeing the single currency well supported on ECB interest rate differentials.
Read More

The euro had an awful day yesterday – it’s first such day in a long time - as various reports from across the periphery hit sentiment towards the region, helping sterling to climb above €1.14
Read More

Peripheral debt concerns continue to hinder the single currency, but this pair remains at very low levels as interest rate differentials provide a buffer against any major euro decline.
Read More

The euro suffered yesterday as a German government minister voiced concerns over Greek debt, with the pair now trading back at €1.13.
Read More

After a brief sell-off in response to some confusing UK employment data, sterling steadily recovered to finish on the front foot around €1.1275.
Read More

Sterling suffered a sharp sell-off yesterday as UK inflation undershot considerably, closing the day near a cent lower just above €1.12.
Read More

This pair remains range-bound between 1.1280 and 1.1380 ahead of today’s key UK inflation data.
Read More

Sterling suffered a further dip against the euro on Friday and this trend has continued this morning as interest rate differentials continue to drive the market.
Read More

To view our weekly market analysis
Click here

After making some early gains against the euro, sterling has dropped well below €1.14 as Asian investment in the single currency kicks in overnight.
Read More

Sterling suffered yesterday as disappointing economic data offset previous gains, but the pound has climbed back to €1.14 this morning.
Read More

Strong UK services sector figures helped the pound regain some lost ground, hitting a two-week high as some confidence in the UK economic recovery was restore.
Read More

This pair remained fairly tightly range-bound yesterday as the response to decent UK construction figures failed to spark more than a brief sterling rally.
Read More

This pair has remained largely range-bound since Friday morning, trading close to the €1.1350 mark with euro’s rally showing signs of running out of steam.
Read More

To view our weekly market analysis
Click here

The pound slumped to a fresh 5-month low against the euro yesterday but has picked back up toward 1.1350 this morning.
Read More