Fresh fears about the Dubai World debt problem fell onto the banking sector yesterday as sentiment was once again sour over the day. Morning news that Greece was downgraded by credit rating agency Fitch to BBB, as the large fiscal deficit weighed on the European member state and the euro. Adding to the woes were disappointing industrial production figures from Germany.
Today sees the last pre budget report due before an election is due. The pound is weakening into the result due out this afternoon, as investors are nervous about what effect the expected tax raise on extraordinary bonus pools would have on the competitiveness of the economy, and what levels of public debt are planned.
Worse than expected GDP figures out of Japan didn’t stop the Yen from strengthening over the day, like the dollar it was benefiting from an increase in risk aversion
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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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1.0995
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1.1021
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GBP/USD
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1.6186
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1.6210
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EUR/USD
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1.4701
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1.4722
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GBP/JPY
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142.01
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142.61
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GBP/AUD
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1.7890
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1.7938
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GBP/NZD
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2.2854
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2.2906
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GBP/CAD
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1.7198
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1.7253
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NZD/USD
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0.7067
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0.7093
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GBP/ZAR
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12.23
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12.31
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USD/ZAR
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7.52
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7.63
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GBP/PLN
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4.5451
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4.5772
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EUR/JPY
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129.02
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129.61
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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 (rick.roache@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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