“It’s time for sterling to man up” - a friend
UK GDP is due today at 09.30 and with it a whole heap of expectation. Predictions are for a 0.2%: a move out of recession in its purest textbook terms. Rumours swirling dealing desks yesterday cited anonymity and the potential for a 0.4% jump. Sterling paid little notice.
Needless to say a figure above 0.2% would see sterling jump higher and below lower. We are predicting a 0.3% increase.
The pound was on the back foot yesterday as retail sales in the UK failed to ignite. Sales were flat in September against a 0.5% increase. This saw the pound lose ground against all its crosses but a dramatic move it was not as expectations of today’s growth figure kept it in check.
The dollar was kept on the back foot yesterday as asset classes recovered from a poor morning session to finish strongly. There is a very good article in today’s FT here arguing that the dollar has little more to fall as the bubble that has built up in equity markets will likely burst soon.
Other than that important GDP data we have German IFO business confidence and
Have a good weekend.
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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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1.1086
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1.1112
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GBP/USD
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1.6666
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1.6691
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EUR/USD
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1.5017
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1.5040
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GBP/JPY
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152.94
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153.16
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GBP/AUD
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1.7981
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1.8007
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GBP/NZD
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2.2044
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2.2080
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GBP/CAD
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1.7502
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1.7538
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NZD/USD
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0.7554
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0.7574
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GBP/ZAR
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12.38
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12.43
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USD/ZAR
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7.41
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7.45
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GBP/PLN
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4.6271
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4.6499
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EUR/JPY
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137.72
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138.08
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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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