And so it starts; 2009 is over and we can now focus on another 12 months. Let’s get you back up to speed with a quick recap of what’s happened in the past 10 days or so.
The main news story continued to be fears over the ‘Sovereign Debt Risk’ of certain European Union states. This will not be the last you hear this phrase in 2010 we can guarantee you. Obviously it is Greece that everyone is most worried about but similar problems exist or are forecast in Italy, Ireland and Austria. The euro is in for a tough year and ended ‘09 on the back foot against the dollar and most other currencies.
The pound was however unable to take advantage. It was horrifically volatile over the Christmas period fulfilling our belief that it would fall through the 1.60 level against the USD and close to 1.10 (0.9090 in EUR/GBP terms) against the euro. We do foresee a little fight back from the pound in the first week of Jan however as the liquidity and haven issues that saw the dollar strengthen in Dec unwind.
And we start 2010 in dataful mode with surveys from the European manufacturing sector (09.00 GMT), the UK manufacturing sector (09.30) and the same sector in the US (15.00).
We hope you had a good new years and holiday period and look forward to speaking to you soon,
You can also follow us live on Twitter at http://twitter.com/World_First
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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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1.1251
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1.1278
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GBP/USD
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1.6129
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1.6154
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EUR/USD
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1.4311
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1.4332
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GBP/JPY
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149.85
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150.12
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GBP/AUD
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1.7869
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1.7894
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GBP/NZD
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2.2235
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2.2267
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GBP/CAD
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1.6834
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1.6869
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NZD/USD
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0.7236
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0.7259
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GBP/ZAR
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11.86
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11.91
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USD/ZAR
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7.3554
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7.3911
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GBP/PLN
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4.5932
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4.6290
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EUR/JPY
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132.93
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133.18
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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.q
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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