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Economy news fails to cheer forex markets

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by Brian Turner
Economy news fails to cheer forex markets

Sterling was up slightly against the yen and the US dollar on Wednesday, but did not receive much help from relatively positive economic data or by the announcement from the International Olympic Committee that the 2012 Olympic Games would be held in London.

Industrial production figures showed a 0.1 percent rise in May, when a decline had been expected. Manufacturing output was unchanged, but a decline of 0.2 percent had been expected.

Sterling rose 0.5 percent to ¥197.01 in relation to the yen and was up 0.1 percent to $1.7577 against the US dollar. It remained unchanged at £0.6778 in relation to the euro.

The US dollar also remained unchanged against the euro, at $1.1907, while it rose 0.4 percent to ¥112.15, a thirteen-month high against the Japanese currency which is still at the mercy of rising oil prices.

Better-than-expected non-manufacturing data in the US seemed to have little influence on the value of the dollar in relation to other currencies.

Data from the Institute of Supply Management showed their June index up to 62.2; it had been 58.5 in May. New orders and employment were both up. However export orders were down from 62 in May to only 50 in June.

The Swedish krona rose 0.3 percent to SKr 9.3873 in relation to the euro. The krona has gained 0.8 percent against the euro in the past two days after comments by the governor of Riksbank that the krona had declined too sharply after a recent cut in interest rates.

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News posted: July 6, 2005

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