07282016Thu
Last update: Thu, 28 Jul 2016 03pm

Europe

Markets - FXMM - Europe

Sterling weaker after disappointing UK retail sales data LONDON: Sterling fell against the dollar and the euro on Thursday after data showed the biggest monthly decline in British retail sales for six months in June, keeping alive expectations that the Bank of England will ease policy as early as next month.Sales volumes fell 0.9 percent, more than the forecast 0.6 percent, after rising by an above-average 0.9 percent in May. Compared with a year earlier, sales growth slowed to 4.3 percent from 5.7 percent in May, versus forecasts of 5.0 percent.Retailers reported no anecdotal evidence that the unexpected result of the June 23 referendum affected sales during the five-week period which ended July 2, the Office for National Statistics said.Sterling hit a low of $1.3157 after the data, down 0.2 percent on the day, having traded at $1.3210 beforehand. It recovered some of those losses to trade at $1.3200, still down 0.1 percent on the day.The euro rose ...

Markets - FXMM - Europe

Yen recovers after Kuroda plays down helicopter money talk LONDON: The yen rebounded from six-week lows against the dollar on Thursday, after Bank of Japan chief Haruhiko Kuroda said the bank saw no need to stimulate the economy with "helicopter money".After dipping below $1.10 on Wednesday, the euro was also steadier as the European Central Bank held off with any immediate further easing of monetary policy, as expected.Investors had been betting on an aggressive round of stimulus from next week's Bank of Japan meeting, ...

Markets - FXMM - Europe

Kremlin economic aide: Rouble is getting too strong MOSCOW: The Russian rouble is starting to get too strong, a trend that is hurting exports and resulting in lower budget revenues, Andrei Belousov, a Kremlin economic aide, told reporters on Thursday. "From my point of view, today the rouble is starting to strengthen too much ... This is lowering budget revenues and increasing budget issues," said Belousov.Buoyed by a partial recovery in oil prices, the rouble has strengthened by around 15 percent against the ...

Markets - FXMM - Europe

State of emergency sends Turkish lira to fresh historic low ISTANBUL: The Turkish lira fell to a fresh historic low of 3.0970 against the dollar early on Thursday after President Tayyip Erdogan declared a three-month state of emergency following a failed military coup. The lira stood at 3.0610 at 0617 GMT, against 3.0970 in late trade on Wednesday after Erdogan's announcement of the state of emergency, which enables the government to circumvent parliament in passing laws and if necessary to limit basic freedoms and rights."The ...

Markets - FXMM - Europe

Sterling firmer on caution from BoE's Forbes about cutting rates LONDON: Sterling rose on Thursday after another Bank of England interest rate-setter, Kristin Forbes, said the central bank should not rush into a decision to cut interest rates. Earlier this week, noted hawk and policymaker Martin Weale said he was unsure if he would back an interest rate cut at next month's meeting. Mirroring that view, Forbes in an article in the Daily Telegraph said that until more hard data is available, it would be ...

Markets - FXMM - Europe

Dollar index at 4-month high on strong US data, Fed hike hopes LONDON: The dollar hit a four-month high against a basket of currencies on Wednesday, bolstered by strong US data and growing expectations that the Federal Reserve may raise rates before the end of the year.Commerce Department data showed US housing starts surged 4.8 percent, underpinning a theme of strength in the economy.Fed funds futures rates point to investors seeing around a 40 percent chance the Fed will raise interest rates by its December meeting, according ...

Markets - FXMM - Europe

Sterling bounces as BoE survey shows limited Brexit vote fallout LONDON: Sterling rose against the euro and recovered all of the day's losses versus a broadly stronger dollar on Wednesday after a Bank of England survey showed no clear evidence of a slowing of economic activity after last month's Brexit vote. The survey reported signs that demand for credit was easing and that there were lower expectations for investment spending, but it also said the majority of companies did not expect any near-term impact on ...