httpvh://www.youtube.com/watch?v=2wlLu0JQFX0
Hopes for growth in the US jobs market was ill-founded on Friday as Non-Farm payrolls disappointed.
Employers cut 85,000 jobs in the month of December with the unemployment rate staying at 10% for the third month in a row. This weakened the US dollar post-announcement including against sterling.
The pound gained after a poll compiled by YouGov showed that the Conservatives could win a majority in the upcoming election. The last thing sterling wants is a ‘hung’ parliament as reduction of the deficit through such a mess would be near impossible. David Cameron pledged yesterday to ‘go farther’ in reducing the deficit than the Labour party have so far.
Japanese yen has strengthened over the weekend as the new finance minister Naoto Kan was forced to withdraw his call for a weaker currency after a rebuke by the Prime Minister. Kan told a press conference “Currencies undoubtedly should be determined by markets but I also believe that generally speaking, it’s the finance minister’s job to act against currency moves when needed”.
The data calendar for today is bare and as such we expect that equity and risk markets will be the most likely to affect currencies.
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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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1.1103
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1.1129
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GBP/USD
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1.6118
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1.6142
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EUR/USD
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1.4500
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1.4520
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GBP/JPY
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148.80
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149.11
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GBP/AUD
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1.7327
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1.7353
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GBP/NZD
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2.1800
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2.1830
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GBP/CAD
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1.6556
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1.6597
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NZD/USD
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0.7385
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0.7405
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GBP/ZAR
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11.81
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11.86
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USD/ZAR
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7.3195
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7.3552
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GBP/PLN
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4.5009
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4.5291
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EUR/JPY
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133.89
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134.16
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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 (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.
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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