A strong new home sales figure saved the dollar from the further losses against the euro yesterday. The number of new homes sold rose for the first time since October however on a year on year figure is now at a low not seen since 1980.

US consumer confidence also fell in May as high energy costs and falling home sales values left the average American feeling the most downcast since 1992. A
pull back in oil also helped the dollar somewhat although volatility in crude markets is still exceptionally high.

Today’s data is not likely to give the greenback a minute’s rest however as strong inflation figures are expected out of Germany and poor durable goods
orders are anticipated stateside as demand declines and starts a poor Q2.
Today’s Data
EU: 09.00 ECB Current Account
Expected: na
Previous: €4.3bn
US: 12.00 MBA Mortgage Approvals
Expected: na
Previous: -7.8%
US: 13.30 Durable Goods Orders
Expected: -1.1%
Previous: -0.3%
Germany: NA CPI
Expected: 2.8%
Previous: 2.4%
Indicative Rates
Sell Buy
GBPEUR 1.2583 1.2611
GBPUSD 1.9807 1.9831
EURUSD 1.5725 1.5747
GBPJPY 205.02 207.08
GBPAUD 2.0577 2.0629
GBPNZD 2.5059 2.5134
GBPCAD 1.9642 1.9692
GBPZAR 15.30 15.35
USDZAR 7.72 7.75
GBPPLN 4.2580 4.2844
Rates are dependent on amount transacted
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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.

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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.