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Falls on global stock markets saw riskier currencies, including GBP, knocked back yesterday. Financial shares fell by the most in 3 months as Bank of America’s earnings were overshadowed by charge-offs for bad loans while Goldman Sachs downgraded Citigroup over concerns that credit losses are mounting.

The S&P 500 fell by 4.7%, the DJIA by 3.6% and the FTSE 100 declined by 2.49%; over 100 points. Overnight Asian markets have fallen lower as well, increasing the anti-risk sentiment.

3 months ago many well regarded FX commentators were sounding out the possibility of the euro replacing the dollar as the global currency of choice; recent weeks will have stymied that fairly quickly. Euro is now one currency which will fall as risk aversion increases and the German ZEW sentiment surveys due today at 10.30 could send those fears higher.

The main data today is UK CPI and RPI at 09.30. February’s reading was 3.2% and falls in energy and fuel costs should push it below the 3.0% barrier and out of letter writing territory.

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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.

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