Foreign Exchange - UK Daily Update - Written by rick on Monday, June 1, 2009 7:00 - 0 Comments
Sentiment Sticks Sterling - World First’s Currency Exchange Morning Update - 1st June 2009
All this and more is available on our video blog at http://uk.youtube.com/user/WorldFirstJC
Continued good sentiment over the prospects of a recovery in the global economy saw sterling finish strongly last week and open last night in a mood to hold on to these gains.
Economic data has been mixed with both manufacturing and growth figures slightly off target although consumer sentiment moved to an X month high. GDP printed at -5.7% against a consensus of -5.5% however this was more than offset by the University of Michigan Consumer Confidence figure that hit the highest figure since September last year. A dip in confidence is more than likely in the coming months however as the employment picture continues to decline. Unemployment data typically lags the economy by around 6 months; as we move into what promises to be a beautiful June weather wise could see some dark and sombre jobs figures. Look out for Non-Farms on Friday.
Data released today is expected to support the bullish feeling in asset classes. Australian Retail sales are bolstering AUD in this morning’s trade as government efforts to help the retail sector seem to be providing some resilience. The increasingly good sentiment will also help AUD as it benefits from carry inflows.
Although US manufacturing was hit by a poor Chicago PMI release the broader ISM should print positively (15.00 BST) and we also expect a strong move from the UK’s PMI due at 09.30 BST. Canadian GDP is also due.
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
| Indicative Rates | Sell | Buy |
| GBPEUR | 1.1463 | 1.1493 |
| GBPUSD | 1.6243 | 1.6271 |
| EURUSD | 1.4156 | 1.4180 |
| GBPJPY | 154.50 | 155.00 |
| GBPAUD | 2.0110 | 2.0170 |
| GBPNZD | 2.5151 | 2.5204 |
| GBPCAD | 1.7627 | 1.7694 |
| NZDUSD | 0.6445 | 0.6480 |
| GBPZAR | 12.88 | 12.94 |
| USDZAR | 7.91 | 7.96 |
| GBPPLN | 5.1200 | 5.1575 |
| EURJPY | 134.72 | 135.16 |
| Rates are dependent on amount transacted Please call 0207 801 9080 for a live rate quote | ||
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..
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