The Pound has seen good price movement against the lower-yielding currencies like the Dollar and the Yen today, as the FTSE 350 Banks Index gained and the UK currency also withstood a cut in the UK economic growth forecast from the Ernst & Young LLP Item Club. There have been some suggestions that the surprising acceleration in UK gross domestic product in the second quarter will mark the peak of the economic recovery. On Friday, the preliminary estimate of GDP in the three months to June rose 1.1%, almost double …

As it turned out Friday’s release of the results of the EU bank stress testing exercise proved not to be the event that would push the dollar/euro rate out of its recent range, with a move through the $1.30(resistance) level still eluding the single currency. While the results have brought some stability to the market, thus providing a bit of a lift for the euro, many are skeptical of how stringent the tests actually were, given that only a handful out of the total 91 banks failed.
Dominating the end …

The price of gold remains flat below $1,200 and not much above its 60-day low of $1,180 in mid-morning New York trade. The current gold price spot rate in New York is $1,190.70 per ounce after a closing price of $1,194.50 on July 22nd.

On Monday, Federal Reserve Chairman Ben Bernanke, delivered the Monetary Policy Report to Congress. The highlight of the report was the Chariman’s characterization of the economic outlook as “unusually uncertain.” While Bernanke still anticipates growth in the economy, the rate of growth is now expected to be slower than previously thought.
The Fed is forecasting GDP growth of 3 to 3.5 percent in 2010, and 3.5 to 4.5 percent in 2011 and 2012. The unemployment rate is expected to decline to between 7 and 7.5 percent by the end of …

The result of Europe’s bank stress tests are expected to restore confidence in the financial system this Friday. However, it is not clear whether the outcome will achieve this goal as many details regarding the stress measures lingers. The tests will include 91 banks, with two thirds in the public sector, while the outstanding one third will include banks across the private sector.
Furthermore, the number of banks will be comprised of a minimum of 50 percent of the lenders in each country and 65 percent of the sector in …

The British Pound extended the decline from the previous day and slipped to a low of 1.5174 during the European trade as the economic docket reinforced a weakened outlook for the U.K., and the exchange rate may continue to trend lower going into the North American session as investors hold a cautious outlook for the region.
Key fundamental releases from the Uk overnight includes the report by the Bank of England which showed mortgage approvals by the major banks in Britain increased 48K in June after expanding 51K in the previous …