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Calm before the next storm?
Published: 30 Jul at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Euro Crisis, Yen Exchange Rate, UK, Economy,
The markets began the week in a subdued mood ahead of the latest monthly policy announcements from the US Fed; Bank of England and the European Central Bank and the release of the key unemployment data from the US, all due at the end of the week.
What little economic data was released yesterday centered on the UK and was a definite step back after the improvement seen in the last few weeks.
Property tracking website Hometrack reported on Monday that UK house prices grew by just 0.3% in July, down from the 0.4% rise reported in June. On a yearly basis, UK house prices rose by 1.3%.
Hometrack also reported that new buyer registrations slowed as demand for housing slowed from 1.6% reported in June to 1% in July.
Meanwhile, the Bank of England reported yesterday that aggregate money supply in the United Kingdom grew by just 0.1% month-on-month (1.5% year-on-year) in June or by £1.2 billion, a much lower figure than had been expected by analysts.
Overnight, Japan reported weaker than expected economic data emphasizing the enormous challenge facing the Japanese government as it tries to revive the country's economy.
Japanese industrial output fell by 3.3% in June compared to output in May and fell by 4.8% compared to June 2012.
The data also showed that household spending declined by 0.4% the same period in 2012.
In China, the government has ordered a nationwide audit of all government debt underlining fears that the recent slowdown in its economy may impact the financial sector.
In its last audit, published in 2011, total debt of 10.7 trillion yuan, equivalent to £1.1 trillion was recorded at the end of 2010.
The news hit the high yielding currencies hard with the Australian dollar slumping to its lowest level against the pound since August 2010.
What little economic data was released yesterday centered on the UK and was a definite step back after the improvement seen in the last few weeks.
Property tracking website Hometrack reported on Monday that UK house prices grew by just 0.3% in July, down from the 0.4% rise reported in June. On a yearly basis, UK house prices rose by 1.3%.
Hometrack also reported that new buyer registrations slowed as demand for housing slowed from 1.6% reported in June to 1% in July.
Meanwhile, the Bank of England reported yesterday that aggregate money supply in the United Kingdom grew by just 0.1% month-on-month (1.5% year-on-year) in June or by £1.2 billion, a much lower figure than had been expected by analysts.
Overnight, Japan reported weaker than expected economic data emphasizing the enormous challenge facing the Japanese government as it tries to revive the country's economy.
Japanese industrial output fell by 3.3% in June compared to output in May and fell by 4.8% compared to June 2012.
The data also showed that household spending declined by 0.4% the same period in 2012.
In China, the government has ordered a nationwide audit of all government debt underlining fears that the recent slowdown in its economy may impact the financial sector.
In its last audit, published in 2011, total debt of 10.7 trillion yuan, equivalent to £1.1 trillion was recorded at the end of 2010.
The news hit the high yielding currencies hard with the Australian dollar slumping to its lowest level against the pound since August 2010.
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Source: moneytransfer.co.uk