After sterling’s rally, investors are playing a waiting game June 22, 2010 FOREX markets gave a cautious welcome to George Osborne’s emergency Budget measures yesterday, with sterling rallying to highs of $1.4851 and €1.2081. However, the pound still failed to make up Monday’s losses against the dollar, reflecting a widespread wait-and-see approach as analysts work through the details of the Budget and watch for its impact on [...]
AFTER A CAUTIOUSLY POSITIVE RECEPTION FOR THE BUDGET, WHERE NOW FOR STERLING? June 22, 2010 MICHAEL HEWSON | CMC MARKETS If the Chancellor was looking to see if his credibility budget was a success, then judging by the market reaction so far it could well be he has succeeded. Euro-sterling has gained ground, pushing below the 83.2-3p support area and while the bigger 84p resistance level holds, further sterling gains [...]
THE TIPSTER June 22, 2010 IT WAS easy yesterday to focus only on what was happening to sterling but there was activity in plenty of other currency pairs too. The Australian dollar-New Zealand dollar has retraced ever since the Aussie dollar failed to maintain momentum above NZ$1.3000. The latest retracement to the NZ$1.2400 level equals the 38.2 per cent Fibonacci [...]
BUDGET HAS CALMED THE BOND MARKET June 22, 2010 GEORGE TCHETVERTAKOV HEAD OF MARKET RESEARCH, ALPARI YESTERDAY, chancellor George Osborne produced the most fiscally austere and severe budget in post-war UK history. Britain is embarking on its sharpest budget deficit reduction crusade since the 1940s with the aim of cutting the structural deficit by 8 per cent of GDP over the next five years. [...]
The Cayenne goes green June 22, 2010 ONCE deemed a horrendous diversion by Porsche purists, the Cayenne has gone on to become the single biggest-selling model in the Porsche range with more than 280,000 of them sold worldwide since the car’s launch back in 2002. The new Cayenne is a lighter, cleaner, more economical and prettier version of its predecessor and somehow [...]
SLOW SHIFT IN YUAN WILL HELP RISK FX June 22, 2010 BORIS SCHLOSSBERG DIRECTOR OF CURRENCY RESEARCH, GFT LAST weekend Chinese monetary authorities announced that they were ending the yuan peg to the dollar that was adopted during the credit crisis to protect the country’s exporters. The People’s Bank of China (PBoC) noted: “In a continuation of the foreign exchange reforms launched in 2005, the yuan [...]
OUT OF OFFICE June 22, 2010 TAPAS FANTASTICA Feel like you need a break from World Cup madness? Or more to the point, if you love tapas and Rioja (and who doesn’t, really), don’t miss this Spanish gastro-fair taking place this weekend at Tower Bridge. There will be stands from 40 of Rioja’s top wineries, along with 11 Spanish restaurants serving [...]
Chancellor hikes VAT to 20 per cent June 22, 2010 George Osborne dubbed the budget the “unavoidable budget” as he pledged to bring public finances back into line – announcing a hike in VAT to 20 per cent. The chancellor unveiled a massive cost-cutting campaign including limiting housing benefit payments and freezing child benefit. A total of £11bn will be wiped off welfare spending by [...]
BP chief pulls out of speech on “global responsibility” June 22, 2010 BP chief executive Tony Hayward has cancelled plans for his first public appearance in Britain since the Gulf of Mexico oil spill. He was due to address oil company bosses and energy ministers at a conference in London today (Tuesday) giving a speech on the global responsibility of oil companies . BP said Hayward was [...]
Premier Inn boost Whitbread sales June 22, 2010 UK hotel and restaurant group Whitbread has reported a strong start to the year – fuelled by its Premier Inn chain. Like-for-like sales at the budget hotel rose 10.5 per cent in the 13 weeks to 3 June, compared with the same period a year earlier. Sales across the Whitbread group were up 7.6 per [...]
