IFX Market Report - 17 October 2011

17 October 2011 - IFX

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IFX Market Report

Good Morning

IN THE UK

GBP/USD continued to make gains last week, rising steadily since the shock of the QE2 announcement. Friday’s high touched 1.5851 with 0.8% trading range.

GBP/EUR was almost the inverse with a negative 0.6% trading range. Sterling closing 64 pips down on the day’s high of 1.1460.

Rightmove House Price data released this morning shows property prices rose 0.7% in September – a relief after two months of comparatively strong drops. Positive figures are expected again this month.

ELSEWHERE

The Euro barely flinched at the downgrade of Spain’s credit rating last week and has been helped over the weekend as investors move towards a “risk-on” stance.

EUR/USD glimpsed 1.3893 on Friday the highest rate seen in a month, making a net gain of around 400pips on the week as a positive response to Sarkozy and Merkel's agreement in principal for a bank recapitalisation plan.

Timothy Geithner has made fresh calls for the Chinese Yuan to be allowed to trade freely, at the G20 Summit last week. Thus maintaining the longstanding US claim that the RMB is maintained at an “artificially low” rate.

Eurozone efforts to resolve their debt crisis were endorsed at the G20 meeting but the members reiterated calls to enhance the size and flexibility of the EFSF, attention now moves to the Oct 23rd EU summit.

US Retail Sales figures rose on Friday by 1.1% in September, offering hope that the US economy is showing signs of improvement.

Ireland is predicted 1.2% growth this year by the OECD and received praise for its “sizeable efforts”.

DATA TO LOOK OUT FOR (all times UK BST)

A fairly quiet day for data today includes at 1.30pm US Empire State Manufacturing figures, which expected to show a slight improvement to -4 from -8.82.

At 2.15pm US Industrial Production figures are released, last month’s figure was 0.2% and this month’s forecast is for figure to remain unchanged.

US Fed members Lacker and Evans both address separate conferences

RBA minutes from the last policy meeting are released overnight.

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