With a lack of data and a dearth of comment yesterday markets behaved much as they did on Friday with sterling unable to get through the 1.10 level against the euro and the single currency unable to get up to 1.50 against the USD.
The rocket ship that is the AUD has continued as indications that another rate rise may be enacted at the RBA’s November meeting. This has dragged all commodity currencies (AUD, NZD, CAD, ZAR, NOK and SEK) higher especially against the USD.
A word of warning for sterling watchers; Mervyn King is speaking tonight at 19.15 so sterling could be in for a bumpy ride. It has become a long standing joke in the office that we need to ‘Big Merv’ away from the mic if we want any sterling recovery. Notes on his speech will be available in tomorrow’s update.
Data from the UK consists of Public Sector Net Borrowing, a key indicator for the UK’s debt level, at 09.30 and US producer prices at 13.30
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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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1.0918
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1.0944
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GBP/USD
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1.6365
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1.6391
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EUR/USD
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1.4970
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1.4991
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GBP/JPY
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147.47
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147.78
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GBP/AUD
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1.7646
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1.7672
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GBP/NZD
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2.1703
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2.1735
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GBP/CAD
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1.6825
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1.6860
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NZD/USD
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0.7529
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0.7549
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GBP/ZAR
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11.96
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12.01
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USD/ZAR
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7.3037
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7.33
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GBP/PLN
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4.5475
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4.5757
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EUR/JPY
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134.92
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135.18
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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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