Foreign Exchange - UK Daily Update - Written by jeremy on Monday, April 20, 2009 7:27 - 0 Comments
Profit Takers Deflate Sterling – World First’s Morning Update – 20th April 2009
All this and more is available on our video blog at http://uk.youtube.com/user/WorldFirstJC
Earnings figures from both Citigroup and General Electric, both useful barometers for the US economy, were better than expected on Friday. Citigroup recorded its first monthly profit in 18 months although this was through an accounting loophole. Even without this ‘one-time’ event the results were better than expected and allowed shares in the bank to rise on its bourses. General Electric, which had to cut its dividend for the first time since 1938 recently, reported a better than expected 35% fall in profits.
FX markets were fairly quiet although profit taking on GBP crosses hurt sterling’s strong run into the weekend. As such GBP/USD has fallen back to the 1.46s and GBP/EUR is in the 1.12s. EUR has continued to trade weekly against the JPY and USD in particular over the past 3 days as further problems in the EU emerge. News that the sovereign debt of Ireland may be downgraded by Moody’s will not help the single currency.
The data calendar for today is quiet with only US leading indicators of note.
As we said on Friday, you can now follow World First on Twitter. The usual morning and weekly updates will be posted alongside ‘tweets’ on breaking FX news and interesting asides. The address is http://twitter.com/World_First
|
Indicative Rates |
||
|
|
Sell |
Buy |
|
GBPEUR |
1.1280 |
1.1307 |
|
GBPUSD |
1.4652 |
1.4677 |
|
EURUSD |
1.2971 |
1.2994 |
|
GBPJPY |
145.02 |
145.57 |
|
GBPAUD |
2.0443 |
2.0502 |
|
GBPNZD |
2.5847 |
2.5923 |
|
GBPCAD |
1.7841 |
1.7910 |
|
NZDUSD |
0.5649 |
0.5682 |
|
GBPZAR |
13.21 |
13.27 |
|
USDZAR |
8.99 |
9.04 |
|
GBPPLN |
4.8994 |
4.9360 |
|
EURJPY |
128.60 |
128.87 |
|
Rates are dependent on amount transacted |
||
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.
To view any past or present currency blogs please click on the following link www.worldfirst.com/blog
Leave a Reply