It was a quiet day on FX markets yesterday with most crosses not straying from ranges that had been set down last week.
GBP/EUR danced around the 1.11 level after services and manufacturing PMIs from the eurozone showed that expansion in those industries was still happening albeit it a reduced rate than previous. That caveat weakened the euro slightly but did not deal it a knock-out blow.
The dollar continued to lose ground on a trade weighted basis as equity markets moved upwards and investors sought to take on more risk. In an interesting aside an auction of 2 year US government debt was covered 3.16 times yesterday; this cover ratio is a lot higher than usual and shows that there is a lot of nervous investors still in the market.
It is a busy day on the data calendar with both US (0.8%) and German GDP (0.7%) revisions due; the UK’s is tomorrow. We also have US consumer confidence, Case-Shiller House Prices and the Fed minutes. We would expect the dollar to be fairly volatile after the GDP figure and continue now until the US holiday on Thursday.
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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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1.1083
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1.1108
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GBP/USD
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1.6522
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1.6546
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EUR/USD
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1.4890
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1.4913
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GBP/JPY
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146.35
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146.70
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GBP/AUD
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1.8034
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1.8057
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GBP/NZD
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2.2819
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2.2851
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GBP/CAD
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1.7558
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1.7595
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NZD/USD
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0.7235
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0.7254
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GBP/ZAR
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12.42
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12.47
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USD/ZAR
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7.51
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7.55
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GBP/PLN
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4.5719
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4.5996
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EUR/JPY
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131.96
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132.22
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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.q
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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