MARKET OVERVIEW AT LONDON CLOSE
The interest rate cut of 25bps from 3% to 2.75% was in response to both a weakening in its domestic economy and also the demand for its exports from it largest trading partner, China.
GBPAUD 1.5214 -0.45%, EURAUD 1.2873 -0.23%, AUDJPY 100.64 -0.19%, AUDCHF 0.9554 +0.06% and AUDNZD 1.2035 -0.02%.
Australia’s main equity index, S&P/ASX 200 is currently trading at 5142.90, down 0.26% on the day.
In the US, the Redbook data released on Wednesday has held flat (month-on-month) at 2.50% in May. With little other US-based economic data releases, US dollar pairs are trading in a net-negative trend against the majority of its other major counterparts.
The Johnson Redbook Index is a sales-weighted of year-over-year same-store sales growth in a sample of large US general merchandise retailers representing about 9,000 stores.
GBPUSD 1.5463 -0.47%, EURUSD 1.3084 -0.24%, USDJPY 99.03 -0.17%, USDCHF 0.9402 +0.09%, NZDUSD 0.8443 +0.02% and USDCAD 1.0051 +0.01%.
The US major equity markets are trading in a net-positive trend with the S&P 500 currently at 1620.89, up 0.21% from its previous close and the Dow Jones Industrial Average currently trading at 15,001.61, up 0.21%.
The US dollar index is trading 0.06% lower on Tuesday at 82.268.
Swedish industrial production data, released on Tuesday has seen an outperforming in market expectancy of 0.40%, coming in at 0.80% for May, up 0.2% from its previous level of 0.60%.
The industrial production index is calculated as a chain index. The weights used are value added from the annual national accounts.
The USD/SEK is currently trading at 6.5226, down 0.41% on the day, following the better-than-expected level of industrial production.
Russian Consumer Price Index, released on Tuesday has met market expectations of 0.5% in May, up from its previous level of 0.3% sending the Russian ruble higher against the majority of its major counterparts.
The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
The USD/RUB is currently trading at 31.0355, up 0.01% for the day after paring gains following this positive Russian data point.
Story provided by StockMarketWire.com