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So today is the day that we’ve all been waiting for. The G20 meeting kicks off in earnest in London with the hopes of the world on a silver bullet to slay this economic monster. None will come however. An agreement on allocation of funds from the IMF would be a good start alongside Sarkozy’s pet peeve; regulation in the financial markets. You’d think Carla would be able to think of some ways to calm Bonaparte down.

Just to add a dash of unexpected heat to the pot it is ECB decision day. We believe that the rate will fall to 1%. That is not the heat however. Euro has been sold pretty heavily over the past week, GBP/EUR is straddling a monster piece of resistance as I type, and should the ECB announce a QE program akin to that of the US and UK then the euro could be in for a shocker.

ADP employment change from the US showed a 742,000 fall in private payroll numbers in March, far worse than the 630k expected. We are therefore expecting a Non-Farm figure close to 700k and an unemployment rate of 8.7% tomorrow.

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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. 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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