Foreign Exchange - UK Daily Update - Written by jeremy on Wednesday, April 29, 2009 7:07 - 0 Comments
Improved US Consumer Confidence Helps GBP & EM Currencies - World First’s Currency Exchange Morning Update - 29th April 2009
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A modest uptick in risk appetite saw EM currencies and GBP higher yesterday as data from the US suggested that a bottom in some markets may have been reached.
Consumer confidence surged to 39.2 vs last month’s figure of 26.3, the highest since Nov 2008 while the Case-Shiller index showed that house prices in the 20 biggest metropolitan areas in the US declined by 2.2% in the past month against a previous figure of -2.8%. The impact of these releases will be limited however as they are ’second tier’ data and a poor major release or some bad news concerning the pandemic and they would be quickly forgotten.
Stocks were mixed yesterday with swine flu still having an effect on transport and leisure industries. Citibank and Bank of America were said to have failed the Fed’s ’stress tests’ on assets and have pledged to sell portions of their respective groups to raise some cash. Bank of America hold their AGM today and militant shareholders are looking to oust Chairman Ken Lewis which could pose some risk to financial stocks and therefore any run that sterling manages to make.
All eyes will be on the Fed decision today and while no interest rate movement is expected the accompanying statement will be closely scrutinised for any further thoughts on alternative measures. Retail PMIs from Germany and the EU as a whole are also out today with US GDP due at 13.30.
World First’s Twitter page is up and running and we will be live ‘tweeting’ the impact of all these data releases and how they affect the markets. Click below for up-to-date news on all things currency. The address is http://twitter.com/World_First
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Indicative Rates |
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|
|
Sell |
Buy |
|
GBPEUR |
1.1143 |
1.1169 |
|
GBPUSD |
1.4692 |
1.4719 |
|
EURUSD |
1.3171 |
1.3195 |
|
GBPJPY |
142.00 |
142.49 |
|
GBPAUD |
2.0555 |
2.0608 |
|
GBPNZD |
2.5928 |
2.5996 |
|
GBPCAD |
1.7795 |
1.7824 |
|
NZDUSD |
0.5650 |
0.5682 |
|
GBPZAR |
12.68 |
12.74 |
|
USDZAR |
8.62 |
8.67 |
|
GBPPLN |
4.9709 |
5.0189 |
|
EURJPY |
127.15 |
127.37 |
|
Rates are dependent on amount transacted |
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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.
To view any past or present currency blogs please click on the following link www.worldfirst.com/blog
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