httpvh://www.youtube.com/watch?v=Fh65WcOx5Zg
Comments from Bank of England Governor Mervyn King revealing that he welcomed a weaker pound unsurprisingly saw sterling slide off heavily against its major trading partners yesterday. “The fall in the exchange rate that we have seen will be helpful” he noted as he hopes to see a UK recovery lead by exports. GBP/EUR sank through the 1.10 level with ease on its way to 5 month lows, while it shed over 2 cents against the dollar.
With commodities and equities generally weaker, the dollar enjoyed a rare day of strength, taking back some of the lost ground conceded from the recent punishment.
German IFO confidence figures continued the 6 month streak of higher readings, and while the result was slightly worse than expected, it displayed the growing optimism in Germany. The euro was supported in mornings trade as a result but sold off in the afternoon as sentiment for risk turned sour.
Durable Goods orders and new home sales from the US are the only data of any interest today, while the G20 meeting continues.
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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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1.0882
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1.0907
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GBP/USD
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1.5986
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1.6009
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EUR/USD
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1.4677
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1.4699
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GBP/JPY
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146.73
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1.47.17
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GBP/AUD
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1.8374
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1.8418
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GBP/NZD
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2.2108
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2.2249
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GBP/CAD
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1.7371
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1.7439
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NZD/USD
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0.7182
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0.7208
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GBP/ZAR
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11.92
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11.95
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USD/ZAR
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7.44
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7.48
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GBP/PLN
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4.5770
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4.6055
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EUR/JPY
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132.85
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133.39
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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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