All this and more is available on our video blog at http://uk.youtube.com/user/WorldFirstJC
Yesterday was dominated by US jobs data with the morning’s trading taking on a stagnant air as traders waited for the release. The afternoon was bearish as it became clear that 467,000 jobs were lost in the month of June in the US, a loss similar to the entire population of Liverpool. Risk appetite pulled back and aversion dominated with equity markets falling lower.
The ECB held rates at 1% as we expected and the ‘post-match’ press conference was a damp squib. The euro fell off against both sterling and the US dollar as European unemployment data disappointed. Joblessness is now sitting at 9.5%; a ten year high and is likely to continue rising.
Construction PMI, unlike Manufacturing PMI yesterday, moved lower posting a figure of 44.5 against a consensus of 45.9. This moved sterling lower as a lot of analysts, myself included, believe that a return of housing market strength is needed for a sterling recovery.
World First’s Twitter page is up and running and we will be live ‘tweeting’ the impact of all these data releases and how they affect the markets. Click below for up-to-date news on all things currency. The address is http://twitter.com/World_First
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Latest Exchange Rates At Time Of Writing
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Indicative Rates
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Sell
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Buy
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GBP/EUR
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1.1668
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1.1697
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GBP/USD
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1.6345
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1.6371
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EUR/USD
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1.3993
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1.4014
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GBP/JPY
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156.82
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157.30
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GBP/AUD
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2.0469
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2.0519
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GBP/NZD
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2.5823
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2.5891
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GBP/CAD
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1.8942
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1.9002
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NZD/USD
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0.6313
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0.6337
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GBP/ZAR
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12.88
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12.93
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USD/ZAR
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7.86
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7.92
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GBP/PLN
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5.08
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5.1077
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EUR/JPY
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134.35
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134.60
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Rates are dependent on amount transacted. Please call 0207 801 9080 for a live rate quote.
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Please feel free to contact me (jeremy.cook@worldfirst.com) if you have any questions or thoughts regarding these updates or if you are interested in a particular event in the calendar. If you would like to discuss your foreign exchange requirements, please contact our: Corporate Foreign Exchange Team on 020 7801 9050 or our Private Client Currency Exchange Team on 020 7801 9080.
To view any past or present currency blogs please click on the following link www.worldfirst.com/blog.
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Disclaimer: The above comments are only our views and should not be construed as advice. You should act using your own information and judgement. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. Any rates given are “interbank” i.e. for amounts of £5million and thus are not indicative of rates offered by World First for smaller amounts. E&OE. Definitions of jargon/market terms can be found in our Glossary of Foreign Exchange Terms.
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