The euro failed to capitalise yesterday on strong GDP data as the ECB warned people not to read too much into thefigures. The Eurozone economy grew by0.7% in Q1 against a consensus view of 0.5% with the German and French economies contributing particularly to thesharp increase. Jean-Claude Trichet stated however that Q2 figures would be‘less flattering’ and that a slowdown was economy; euro falling back against sterling and dollar as a result.
Dollar benefited from this; keeping the pressure on sterling and holding it within 0.75% of 6 month lows and breaking back down through the $1.55 level. Although data yesterday was mixed dollar has enjoyed another strong week due to strong equity market performance and declines in the oil markets. With no data out from the UK yesterday or today we expect sterling crosses to range trade into the weekend.

Have a good weekend.

Today’s Data
EU: 10.00 Trade Balance
Expected: NA
Previous: €2.1bn
US: 13.30 Housing Starts
Expected: 938k
Previous: 947k
US: 15.00 University of Michigan
Consumer Confidence
Expected: 62.5
Previous: 62.6
Indicative Rates
Sell Buy
GBPEUR 1.2589 1.2616
GBPUSD 1.9494 1.9518
EURUSD 1.5467 1.5490
GBPJPY 202.27 204.37
GBPAUD 2.0639 2.0692
GBPNZD 2.5498 2.5575
GBPCAD 1.9505 1.9555
GBPZAR 14.74 14.80
USDZAR 7.55 7.59
GBPPLN 4.2556 4.2820
Rates are dependent on amount transacted
Please call 0207 801 9080 for a live rate quote
Email: (jeremy.cook@worldfirst.com) Please feel free to contact me at anytime regarding these briefings, if you have any questions or thoughts on them, or if you are interested in a particular event in the calendar.Please call us on 0800 783 6022 / +44 20 7801 9080 if you would like to discuss the markets or fix a rate.

Please reply with REMOVE in the subject of your e-mail if you would like to be removed from this list.
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 authors own judgement as of the date of the briefing and are subject to change without notice.

Any rates given are interbank and therefore for amounts of £5million and so are not indicative of rates offered by World First for smaller amounts.

You Might Also Want To Read

• Monday 19th May
• Euro Weak As We Wait For ECB - World First’s Morning Update - 15th January 2009
• Bonuses worth 12% less than last year
• World First in cityam.com - 15 July 2009
• Citi Backed Up Before It Falls Down - World First’s Morning Update - 24th November 2008
• Risk Tides Flush GBP All Over - World First’s Morning Update - 23rd February 2009
• World First Foreign Exchange 25 November 2009 Update: UK GDP Once Again Under The Microscope
• Silver Lining In US GDP Helps Risk Appetite - World First’s Currency Exchange Morning Update - 30th April 2009
• Bank Of England and ECB Rate Decisions Due - World First’s Morning Update - 6th November 2008
• The UK and European interest rate announcements
• World First’s Morning FX Update - 4th July 2008
• Euro Weak As Market Fears Russian Defaults - World First’s Morning Update - 10th February 2009
• World First Foreign Exchange 8 September 2009 Update: Labor Day Rest Benefits Risk
• World First’s Morning FX Update - 15th July 2008
• World First in telegraph.co.uk 13 October 2009
• World First Foreign Exchange Podcast - 25 September 2009
• World First NZD/AUD Weekly Update - 23rd June
• World First on telegraph.co.uk - 19Apr09
• World First Foreign Exchange - 23 July 2009 - Bank of England minutes benefit the pound’s cause
• Sterling Heads Into The Weekend Stronger - World First’s Morning Update - 28th November 2008
• World First NZD/AUD Weekly Update - 20th April 2009
• World First NZD/AUD Weekly Update - 03rd August 2009
• World First Foreign Exchange 29 September 2009 Update: Monday Moves
• World First Foreign Exchange 10 November 2009 Update: Bulls Fire Risk Higher, Fitch Warns UK on Credit Rating
• Greenback falls from grace - World First’s Sterling Update - 26th May 2009
• Canada Cuts Rates in Tough Environment - World First’s Canadian Update - 21st October 2008
• World First Foreign Exchange 6 October 2009 Update: Aussie Rises on RBA Tightening
• World First Foreign Exchange 1 December 2009: Market Close Podcast
• Thursday 22nd May
• World First in the press: Sunday Times 7 September
• World First Foreign Exchange Podcast - 10 November 2009
• World First Foreign Exchange Podcast - 4 November 2009
• Will the MPC cut and start the revival?
• World First Foreign Exchange - 20 July 2009 - Sterling Update - Chinese growth figures spur risky assets higher
• World First Foreign Exchange 05 February 2010: QE is Over but is The EU Dying as Well?
• World First NZD/AUD Weekly Update - 9th March 2009
• World First NZD/AUD Weekly Update - 16th March 2009
• Dollar Weakens as Oil Spikes - World First’s Morning FX Update - 23rd September 2008
• World First NZD/AUD Weekly Update - 22nd June 2009
• World First Foreign Exchange 26 January 2010: Market Close Podcast
• World First NZD/AUD Weekly Update - 1st December 2008
• World First Foreign Exchange Podcast - 22 September 2009
• World First’s Morning FX Update - 7th August 2008
• World First Foreign Exchange Podcast - 03 November 2009
• World First Foreign Exchange 3 September 2009 Update: ADP Points To Volatile NFP, Sterling Gains
• World First Foreign Exchange NZD / AUD Update: 23 November 2009
• World First’s Morning FX Update - 11th August 2008
• World First in the press: Metro 28 May
• World First Foreign Exchange 15 October 2009 Update: Bulls Break Higher But Are Bears Lying In Wait?
• Parity Is A Long Way Away - World First’s Morning Update - 11th December 2008