Sterling was one of the best performing currencies on Friday as risk appetite continued to rally however the weekend has not been kind. A Moody’s downgrade of Barclay’s shares has hurt the entire UK banking sector with stocks down an average 4% with the FTSE down 1% as a whole.

We’ve moved lower against USD over the weekend however GBP has held up well against the EUR as fears persist over the health of the European banking sector. GBP may also weaken this week as we expect the Bank of England to cut rates by 50bps on Thursday.

All this and more is available on the World First Video Blog, check it out at http://uk.youtube.com/user/WorldFirstJC

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. 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.

To view any past or present currency blogs please click on the following link www.worldfirst.com/blog

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