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Dollar Exchange Rate Outlook: News on US "Fiscal Cliff" Dominates
Published: 29 Nov at 9 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Forex, Euro Crisis, UK, Economy, Inflation,
The main mover in the markets yesterday was the US dollar which moved in line with the latest news on the so called ‘fiscal cliff’.
The dollar initially strengthened on the back of some negative comments from senior Democrat Harry Reid who commented on the lack of progress being achieved in talks between the Democrats and Republicans but then fell away towards the end of the trading session when Reid’s comments were contradicted by US House Speaker John Boehner who was decidedly more upbeat in his assessment of the ongoing negotiations.
President Obama also said that he remained confident a deal could be made to avoid the automatic tax increases that the independent US Congressional Budget Office have suggested could knock the US economy back into recessionary territory.
In a light day for UK economic data, the Nationwide reported that UK house prices remained flat in November, registering a fall of 1.2% year-on-year with the average price of a UK house said to be £163,853.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said “The annual rate of house price inflation remained in negative territory for the ninth month in a row in November. However, the pace of decline remained extremely slow (...) the predominant theme remains one of stability. Indeed, UK house prices were unchanged over the month in November, after taking account of normal seasonal factors. Moreover, annual price growth has remained in a narrow band between +1.5% and -1.5% on all but two occasions over the past two years.”
Meanwhile, in an interview with Bloomberg, Bank of England Deputy Governor Charles Bean indicated that he and his colleagues have not “closed the door forever on further asset purchases” and denied that the Monetary Policy Committee now saw quantitative easing as “ineffective,” but rather a bit less so than it was in 2009 due to the uncertainty afflicting households and firms.
Mr Bean’s comments put further pressure on the pound which continues to falter against the majority of the sixteen most actively traded currencies.
In an interview with The Times, former PM Tony Blair warned that an exit from Europe would be “hugely destructive” to the UK’s long-term interests and suggested an “anxious” business community will become ever more vocal. In an impassioned speech to ‘Business for New Europe’, a pro-European coalition of business leaders, hosted by Chatham House in central London, the former Prime Minister said London’s position as a leading financial centre would be damaged if the UK retreated from Europe and warned that companies would find it less appealing to do business in the capital.
The dollar initially strengthened on the back of some negative comments from senior Democrat Harry Reid who commented on the lack of progress being achieved in talks between the Democrats and Republicans but then fell away towards the end of the trading session when Reid’s comments were contradicted by US House Speaker John Boehner who was decidedly more upbeat in his assessment of the ongoing negotiations.
President Obama also said that he remained confident a deal could be made to avoid the automatic tax increases that the independent US Congressional Budget Office have suggested could knock the US economy back into recessionary territory.
In a light day for UK economic data, the Nationwide reported that UK house prices remained flat in November, registering a fall of 1.2% year-on-year with the average price of a UK house said to be £163,853.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said “The annual rate of house price inflation remained in negative territory for the ninth month in a row in November. However, the pace of decline remained extremely slow (...) the predominant theme remains one of stability. Indeed, UK house prices were unchanged over the month in November, after taking account of normal seasonal factors. Moreover, annual price growth has remained in a narrow band between +1.5% and -1.5% on all but two occasions over the past two years.”
Meanwhile, in an interview with Bloomberg, Bank of England Deputy Governor Charles Bean indicated that he and his colleagues have not “closed the door forever on further asset purchases” and denied that the Monetary Policy Committee now saw quantitative easing as “ineffective,” but rather a bit less so than it was in 2009 due to the uncertainty afflicting households and firms.
Mr Bean’s comments put further pressure on the pound which continues to falter against the majority of the sixteen most actively traded currencies.
In an interview with The Times, former PM Tony Blair warned that an exit from Europe would be “hugely destructive” to the UK’s long-term interests and suggested an “anxious” business community will become ever more vocal. In an impassioned speech to ‘Business for New Europe’, a pro-European coalition of business leaders, hosted by Chatham House in central London, the former Prime Minister said London’s position as a leading financial centre would be damaged if the UK retreated from Europe and warned that companies would find it less appealing to do business in the capital.
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Source: moneytransfer.co.uk