| G8 Damp Squib Fails to Influence FX Markets |
| All this and more is available on our video blog at http://uk.youtube.com/user/WorldFirstJCIt was very much a case of ‘as you were’ on friday as the major pairs traded within recent ranges with some dollar strength thrown in for good measure.Consumer confidence was the highest it’s been in 9 month as reports that the worst is over continue to flow around. The CBI are the latest major industry body to stick their oar in to the debate albeit with a cautionary tone. While the CBI agrees that there are signs for improvement and that data is improving they still foresee that the UK will not grow until Q1 2010. We are off the same opinion; while the rate of decline may improve, positivity is along way off.
The G8 met over the weekend in Lecce with very little impact to speak of apart from the typical communique about working together to come out of this recession stronger yaddy yaddy yadda. One interesting comment released over the weekend was that from Professor Paul Krugman who stated that the UK is ‘in the best shape of all the economies in Europe’. Sterling has been unable to make ground against the USD overnight but has popped higher against the single currency in Asian Trade.
Mixed data will be the order of the day with European employment change out at 10.00 and US NY Empire State manufacturing Index (13.30). Risky assets may come under pressure as fears of further political trouble in Iran after the weekend’s election result and Israeli / Palestine settlement negotations continue.
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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| Latest Exchange Rates At Time Of Writing |
| Indicative Rates |
Sell |
Buy |
| GBP/EUR |
1.1756 |
1.1782 |
| GBP/USD |
1.6347 |
1.6373 |
| EUR/USD |
1.3899 |
1.3920 |
| GBP/JPY |
160.62 |
161.13 |
| GBP/AUD |
2.0316 |
2.0371 |
| GBP/NZD |
2.5682 |
2.5723 |
| GBP/CAD |
1.8373 |
1.8438 |
| NZD/USD |
0.6352 |
0.6373 |
| GBP/ZAR |
13.20 |
13.25 |
| USD/ZAR |
8.06 |
8.11 |
| GBP/PLN |
5.253 |
5.3211 |
| EUR/JPY |
136.48 |
136.74 |
| Rates are dependent on amount transacted. Please call 0207 801 9080 for a live rate quote. |
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Please feel free to contact me jeremy.cook@worldfirst.com(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 on 020 7801 9050 or ourPrivate Client Currency Exchange 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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