Take a look at the current currency pair rates below:
GBP/JPY: Lowest 132.08 Highest 132.43 Current 132.18-23
EUR/JPY: Lowest 112.04 Highest 112.36 Current 112.27-32
USD/JPY: Lowest 82.23 Highest 82.42 Current 82.32-35
GBP/USD: Lowest 1.6048 Highest 1.6076 Current 1.6056-59
EUR/USD: Lowest 1.3612 Highest 1.3645 Current 1.3636-39
USD/CHF: Lowest 0.9625 Highest 0.9657 Current 0.9633-36
AUD/USD: Lowest 1.0132 Highest 1.0154 Current 1.0132-35
AUD/JPY: Lowest 83.35 Highest 83.67 Current 83.38-43
Good morning (evening) everyone. Today's focus is on Great Britain's Trade Balance, which will be announced at 6:30 PM tonight (UTC+9). This month's forecast shows that the value of exports exceeded the value of imports into Great Britain by 100 million Pounds Sterling.
The prevoius Trade Balance announcement on January 12, 2011 showed imports exceeding exports by 500 million Pounds Sterling thus causing the GBP value to drop. Below are the GBP/USD and GBP/JPY 30-minute charts illustrating the effect of that negative Trade Balance.
GBP/USD 91-point drop
GBP/JPY 51-point drop
With the GBP being quite overvalued, any result below what is being forecasted this announcement may cause the GBP to drop significantly.