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Foreign Exchange - UK Daily Update - Monday, June 9, 2008 16:32 - 0 Comments
Monday 09th June 08
The euro has remained bid on this morning’s open after last week’s bullish close. Some economists are now looking for the ECB to raise rates in July or August due to rising inflation. EURUSD rose to the mid 1.58s and sterling has fallen to the lower 1.24s against the common currency.
The US non-farm payrolls fell to -49k vs. -50k expected. Despite being slightly better then expected, the dollar weakened on the release. The most likely reason for this is the market had positioned itself long dollar ahead of the announcement because preliminary figures had hinted at a better than expected number. So after the announcement the greenback looked overpriced and lost ground.
GBPNZD continues its rally after last week’s comments from the RBNZ. The monetary committee talked about entering an easing cycle after sit slashed its growth forecasts. The Kiwi dollar continues to weaken.
This week sees lots of inflation data from around the world. UK PPI will kick it off this morning.
Today’s Data
UK: 08.30 PPI input
Expected: 2.6%
Previous: 2.4%
UK: 08.30 PPI output
Expected: 0.7%
Previous: 1.4%
US: 14.00 Pending home sales
Expected: 0.0
Previous: -1.0
Indicative Rates
Sell Buy
GBPEUR 1.2444 1.2471
GBPUSD 1.9704 1.9728
EURUSD 1.5814 1.5835
GBPJPY 207.08 207.64
GBPAUD 2.042 2.047
GBPNZD 2.5573 2.5646
GBPCAD 2.0014 2.0063
GBPZAR 15.4 15.65
USDZAR 7.85 7.88
GBPPLN 4.207 4.236
Rates are dependent on amount transacted
Please call 0207 801 9080 for a live rate quote
Email: (jeremy.cook@worldfirst.com) Please feel free to contact me at anytime regarding these briefings, if you have any questions or thoughts on them, or if you are interested in a particular event in the calendar.Please call us on 0800 783 6022 / +44 20 7801 9080 if you would like to discuss the markets or fix a rate.
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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 authors own judgement as of the date of the briefing and are subject to change without notice.
Any rates given are interbank and therefore for amounts of £5million and so are not indicative of rates offered by World First for smaller amounts.
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