The run of good US data came to an end on Friday with a consumer confidence figure which re-raised fears that the worst of this financial crisis is not over. The influential Michigan Consumer Confidence figure plummeted to 59.5 from an expected 62.6 as more US consumers fear a recession and see little chance of recovery in the near term. Dollar has given back its gains against euro and sterling over the weekend consequently.

Sterling was dealt another blow last night as further falls in the housing market were forecast. The Royal Institute of Chartered Surveyors predicts a whopping 40% fall in the quantity of houses being sold over the next year unless the mortgage market untangles itself and credit concerns dissipate. They also warn of estate agents turning away business similar to unsold properties already on their books and homeowner hiking asking prices in a desperate appeal to the cash rich wealthy.
Data is very sparse today and as such range trading is expected over the major crosses.

Today’s Data
US: 14.00 Leading Indicators % mm
Expected: -0.1
Previous: 0.1
Indicative Rates
Sell Buy
GBPEUR 1.2539 1.2566
GBPUSD 1.9537 1.9561
EURUSD 1.5565 1.5586
GBPJPY 202.51 205.62
GBPAUD 2.0486 2.0537
GBPNZD 2.5217 2.5292
GBPCAD 1.9466 1.9517
GBPZAR 14.60 14.66
USDZAR 7.46 7.49
GBPPLN 4.2384 4.2582
Rates are dependent on amount transacted
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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.

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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.

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