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Optimism from the G20 swept risky assets higher on Friday although gains were pegged back by a worse than expected jobs report from the US. PMI figures from the US, UK, China and Europe all beat expectations as well last week adding to a sense that all the time, effort and, more importantly, money may be filling the cracks that the credit crunch has exposed.

The world is not without risk obviously with indices wary of the US jobs figures and the North Korean missile test conducted over the Sea of Japan. Non-Farm Payrolls were only slightly worse than expected but the glaring statistic is that there are now more unemployed people in the US than at any time after 1940 and we have not seen the full extent yet. 10% unemployment for most developed economies are a distinct possibility.

The North Korean missile test has been globally condemned and seems to be have nothing but a spectacular failure; tensions could escalate if another test is planned or there is any act to prevent further aggression.

It is a fairly quiet week in the run up to Easter with only EU retail sales of note today.

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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