December, 2008
Foreign Exchange - UK Daily Update - Tuesday, December 30, 2008 7:53 - 0 Comments
No Christmas Joy For GBP – World First’s Morning Update – 30th December 2008
Well the season of good will is over for yet another year and attentions turn back to the markets and the fact that the UK forecast is downbeat. The Christmas volatility saw GBP/EUR move to within 2% of parity as the combination of slim volumes and poor economic data made sure that GBP was once again on the back foot.
The property market has tanked over 2008 and Hometrack, an influential property consultancy, believe that a further 12% decline in prices over 2009 which alongside news that 25% of houses in some areas of the UK have not sold after being on the market for the entire year spells more trouble for those of us with an interest in the housing market.
The Chartered Institute of Personnel and Development released data yesterday on the UK jobs markets which acted as a double edged sword for sterling. The good news was that they believe that unemployment will not hit the forecasted 3m figure however this was balanced by the belief that period between New Year and Easter will see the worst job losses since 1991. This data was of course released the day after the childrenswear firm Adams applied for administration with USC, a Scottish-based fashion retailer, suffering the same fate in the past 24hrs.
The only tier 1 data today is from the US with Chicago Manufacturing PMI and Consumer Confidence which are both expected to show green shoots of recovery.
|
Indicative Rates |
||
|
|
Sell |
Buy |
|
GBPEUR |
1.0277 |
1.0302 |
|
GBPUSD |
1.4461 |
1.4488 |
|
EURUSD |
1.4058 |
1.4083 |
|
GBPJPY |
130.48 |
131.22 |
|
GBPAUD |
2.0980 |
2.1050 |
|
GBPNZD |
2.4877 |
2.5022 |
|
GBPCAD |
1.7759 |
1.7876 |
|
NZDUSD |
0.5772 |
0.5838 |
|
GBPZAR |
13.67 |
13.76 |
|
USDZAR |
9.42 |
9.53 |
|
GBPPLN |
4.2224 |
4.2602 |
|
EURJPY |
127.00 |
127.53 |
|
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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