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Sterling managed to eke out a gain against dollar late on Friday as rumours over the fate of the ‘Golden State’ escorted the FX market into the weekend.

Moody’s, the debt ratings agency, was rumoured to be looking at a downgrade of Californian Muni debt as a reaction to the state’s staggering budget deficit. This weakened the USD by over a cent against GBP from around 16.00 BST. The euro managed to make some gains as well, EUR/USD bumping its head against resistance at 1.40.

The focus today will be on German IFO business climate, a release that could bail the euro out of its recent downfalls and doldrums. German and European PMIs have been improving steadily over the past few months however IFO has stayed relatively depressed. A decent figure should see EUR/USD break through 1.40 and we would expect GBP/EUR to around 1.16. If IFO is weak however you’d expect the single currency to be on the rack again.

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GBP/EUR

1.1836

1.1866

GBP/USD

1.6410

1.6438

EUR/USD

1.3845

1.3871

GBP/JPY

157.48

157.99

GBP/AUD

2.0511

2.0564

GBP/NZD

2.5732

2.5797

GBP/CAD

1.8693

1.8760

NZD/USD

0.6365

0.6389

GBP/ZAR

13.35

13.41

USD/ZAR

8.13

8.18

GBP/PLN

5.3425

5.3778

EUR/JPY

132.88

133.38

Rates are dependent on amount transacted. Please call 0207 801 9080 for a live rate quote.