British consumer confidence fell to the lowest level since 1990, last night’s GFK survey revealed. Part of the survey states that Britons are now less likely to make so-called ‘major purchases’ in the next 12 months than since 1983. Popular thought is very much towards a recession at the moment.

It however has not dented sterling’s performance over the past 48 hours. GBP/EUR is up 1.5% over the course of the week and is heading towards longtime
resistance at 1.28 despite poor housing and confidence figures.

The euro has also fallen against the dollar as well as GDP figures and declines on commodity markets helped the greenback.

This morning’s German retail sales figures have started today off poorly for the single currency as they posted an unexpected 1.7% deterioration. 10.00
will see the preliminary May inflation figure for the Eurozone.

Have a good weekend.
Today’s Data
UK: 00.01 GFK Consumer Confidence
Expected: -26
Previous: -24
Actual: -29
EU: 09.00 ‘Flash’ CPI
Expected: 3.5%
Previous: 3.3%
EU: 10.00 EC Business Climate
Expected: 0.40
Previous: 0.44
EU: 10.00 EC Consumer/Industrial Climate
Expected: -12/-2
Previous: -12/-2
Indicative Rates
Sell Buy
GBPEUR 1.2743 1.2771
GBPUSD 1.9741 1.9765
EURUSD 1.5474 1.5494
GBPJPY 207.16 209.25
GBPAUD 2.0660 2.0710
GBPNZD 2.5260 2.5336
GBPCAD 1.9537 1.9588
GBPZAR 15.89 14.95
USDZAR 7.53 7.56
GBPPLN 4.2962 4.3228
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.

Please reply with REMOVE in the subject of your e-mail if you would like to be removed from this list.
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.