November, 2008
Foreign Exchange - UK Daily Update - Friday, November 28, 2008 7:46 - 0 Comments
Sterling Heads Into The Weekend Stronger – World First’s Morning Update – 28th November 2008
Sterling enjoyed an upwards tilt yesterday as reports of government interference in the UK banking sector saw sentiment lift in GBP. The reports state that High St banks would be forced to open their loan book to government inspectors so as to show that a decent amount of lending is taking place and that money is not being hoarded in order to strengthen balance sheets. This could in turn to lead foreign branches of UK banks to repatriate funds and in effect bolster GBP.
Sentiment may be drifting into sterling over the coming months at the behest of dollar analysts speculated yesterday. With the explosion of the Fed’s balance sheet and the flood of new money that will be printed to fund the latest rescue plan simple economics would show a falling dollar although we believe this uptrend may run out of steam very soon and would be looking for a break below 1.50 next week; a close above 1.56 would cause us to revisit this however.
Given the Thanksgiving holiday the data schedule also slumped into a trytophan induced coma and the leftovers that we will be picking at today include Gfk Consumer Confidence and preliminary CPI from the EU.
Have a great weekend.
|
Indicative Rates |
||
|
|
Sell |
Buy |
|
GBPEUR |
1.1912 |
1.1940 |
|
GBPUSD |
1.5410 |
1.5437 |
|
EURUSD |
1.2919 |
1.2943 |
|
GBPJPY |
146.45 |
147.09 |
|
GBPAUD |
2.3402 |
2.3464 |
|
GBPNZD |
2.7863 |
2.7972 |
|
GBPCAD |
1.8955 |
1.9090 |
|
NZDUSD |
0.5506 |
0.5545 |
|
GBPZAR |
15.20 |
15.29 |
|
USDZAR |
9.83 |
9.93 |
|
GBPPLN |
4.4640 |
4.4955 |
|
EURJPY |
122.76 |
123.45 |
|
Rates are dependent on amount transacted |
||
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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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- Citi Backed Up Before It Falls Down – World First’s Morning Update – 24th November 2008
- US Jobs Markets Continues To Slide – World First’s Morning Update – 21st November 2008
- Risk Aversion Rules Once Again – World First’s Morning Update – 20th November 2008
- World First on telegraph.co.uk – Monday 17 November 2008
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- Sterling Higher Before Key CPI Reading – World First Morning Update – 18th November 2008
- G20 Proves Disappointing – World First’s Morning Update – 17th November 2008
- G20 Meeting Unlikely To Provide Sterling Support – World First’s Morning Update – 14th November 2008
- Sterling Driven Lower By Bank’s Bearish Assessment – World First’s Morning Update – 13th November 2008
- World First on SME Web – Tuesday 11 November 2008
- Sterling Poised For Move Lower As Risk Aversion Increases – World First’s Morning Update – 11th November 2008
- World First NZD/AUD Weekly Update – 10th November 2008
- Unemployment Rises Stateside As China Unveils Stimulus Package – World First’s Morning Update – 13th November 2008
- World First on thisismoney.co.uk – 6 November 2008
- World First in Growing Business magazine – November 2008
- Bank Of England Slash Rates To Stave Off Recession – World First’s Morning Update – 7th November 2008
- Bank Of England and ECB Rate Decisions Due – World First’s Morning Update – 6th November 2008
- Obama Wins US Election As Dollar Remains Volatile – World First’s Morning Update – 5th November 2008
- Rand Retraces Recent Weakness as SARB Hold Review – World First’s Rand Update – 4th October 2008
- Dollar Stronger As America Goes To The Polls – World First’s Morning Update – 4th November 2008
- Has the Tide Turned? – World First’s Sterling Update – 3rd November 2008
- World First in the press: Mail on Sunday 2 November 2008
