Good Morning investors, we will start our news today from China, as the Chinese Yuan dropped for the sixth day on Tuesday, adding speculation that the central bank wants to end the long trend of steady appreciation. Yuan closed at 6.1266 against the U.S. dollar, down 0.46% overnight, which is the largest fall since November 2010. The Chinese currency is down about 1% against the federal currency since February 17. Economists ensured that the People`s Bank of China is engineering the easing in order to lower forecasts of further appreciation. Moreover, other economists said the central bank is attempting to take advantage of the U.S. stimulus withdrawal plan to buy more dollars, which weakened the Yuan further more. In South Korea, the BOK said today that consumer confidence fell in February along with rising concerns about the strength of recovery. The consumer sentiment index declined to 108 in February compared with 109 in January, which was the highest since 35 months. The index measures consumers` economic outlook, future spending and living conditions and a reading above 100 means optimists outnumber pessimists. The Korean economy expanded 0.9% in the fourth quarter, slowing from 1.1% in Q3. However, the BOK said earlier that the Korean economic is anticipated to grow 3.8% in 2014, following a growth by 2.8% in 2013. The most prominent data expected today from the UK is the preliminary reading of GDP for the fourth quarter of 2013 and it is expected to remain constant with the first reading of growth at 0.7% and the annual reading is expected to remain constant for the growth at 2.8%. as for the details, expectations about that the preliminary reading of consumer spending may decline to 0.6% from the previous 0.8%, also government spending is expected to decline to 0.5% from 0.7%, as well as the capital investment which is expected to decline to 1.4% from 1.5%, while exports are expected to rise to 0.2% from -3.0%, finally projections for imports that it will fell to -1.0% from 0.7%. Dear reader, the next performance of the sterling will be determined largely by the results of the British GDP for the fourth quarter of the previous year, at 08:25 GMT
Posted on: Wed, 26 Feb 2014 08:21:26 +0000
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