A volatile Friday saw sterling lose more ground against the US dollar as a surprisingly good Non-Farm figure gave the greenback impetus as we headed into the weekend.
Non- Farms was expected at -340k and with a poor ADP and a rising unemployment rate it was odds on that we would see a bad level. Not so. The change was only -247k and with the unemployment rate falling for the first time since April 08 to 9.4% the dollar strengthened and global equity markets followed as well.
Friday’s movements have seen cable move through a swathe of important technical levels and the thoughts are lower from here to around 1.63.
It is a weak data today and GBP will have to rely on equity markets to reinforce itself against further losses. The story against the euro is still fairly bullish with both still fighting it out in the 1.17s.
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Latest Exchange Rates At Time Of Writing
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Indicative Rates
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Sell
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Buy
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GBP/EUR
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1.1703
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1.1731
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GBP/USD
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1.6617
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1.6642
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EUR/USD
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1.4171
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1.4201
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GBP/JPY
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161.74
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162.21
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GBP/AUD
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1.9787
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1.9836
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GBP/NZD
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2.4690
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2.4752
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GBP/CAD
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1.7981
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1.8041
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NZD/USD
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0.6717
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0.6739
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GBP/ZAR
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13.28
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13.34
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USD/ZAR
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7.9736
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8.0303
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GBP/PLN
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4.7887
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4.8179
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EUR/JPY
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138.11
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138.37
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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) 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.
To view any past or present currency blogs please click on the following link www.worldfirst.com/blog.
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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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