httpvh://www.youtube.com/watch?v=IdU5GNGj4iI
Alistair Darling yesterday began the painful process of hauling back the UK from the brink of financial excess as he released a raft of measures aimed at reducing the government deficit from 12.6% this year to 4.4% by 2014-15. Major measures include a rise in NI in 2011, a return of the VAT on Jan 1st, and of course the one off 50% super tax on bankers bonuses over 25,000. Sterling struggled in the lead up, but excepted the release as broadly in line with what was expected
Spain became the next in line to wear the downgrade hat, downgraded by ratings agency S&P from stable to negative, sending Spanish markets down. Global equity markets were also down including the FTSE, and the dollar was broadly stronger as a result.
RBNZ held interest rates at 2.5% overnight as expected, however they did bring forward their target on interest rate hikes sending short term yields higher. This of course supported the kiwi, which gained against the board
Today at midday we have an interest rate/QE decision from the Bank of England. The US provides a trade balance figure, while the Swiss National Bank also have a rate meeting early this morning
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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1.1050
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1.1076
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GBP/USD
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1.6261
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1.6285
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EUR/USD
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1.4696
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1.4718
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GBP/JPY
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143.07
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143.71
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GBP/AUD
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1.7775
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1.7825
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GBP/NZD
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2.2372
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2.2426
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GBP/CAD
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1.7175
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1.7233
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NZD/USD
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0.7251
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0.7277
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GBP/ZAR
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12.32
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12.35
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USD/ZAR
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7.56
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7.60
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GBP/PLN
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4.5888
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4.6078
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EUR/JPY
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129.16
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129.82
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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 (rick.roache@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.
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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