Markets are moving to a position of ‘risk off’ this week with the sheer weight of event risk that we will have to negotiate. The number of central bank announcements alone mark this weekend as a minefield.
Friday saw risk continue to be sold off in large chunks with the dollar benefiting from the safe haven demand. Equity markets did not help with the FTSE 100 falling by the most in a week since March.
Overnight another US bank has applied for bankruptcy. CIT Bank have long been in a period of trouble with such an event long on the cards. This risk has seen the JPY strengthen on aversion grounds.
Ahead this week we have rate decisions from the US, Australia, UK, the EU, Romania, Peru, the Philippines and Egypt but today we have manufacturing PMI from both the UK and Germany and ISM manufacturing from the US.
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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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1.1075
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1.1098
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GBP/USD
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1.6352
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1.6376
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EUR/USD
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1.4751
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1.4772
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GBP/JPY
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147.26
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147.79
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GBP/AUD
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1.8080
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1.8126
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GBP/NZD
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2.2703
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2.2758
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GBP/CAD
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1.7668
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1.7724
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NZD/USD
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0.7193
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0.7207
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GBP/ZAR
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12.86
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12.91
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USD/ZAR
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7.85
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7.89
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GBP/PLN
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4.7008
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4.7278
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EUR/JPY
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132.98
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133.24
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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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