httpvh://www.youtube.com/watch?v=tKXzHdaSMpg
The dollar’s recent strength continued yesterday with the greenback the best performing of the G10 currencies.
While better than expected housing figures stymied this rise, significantly weaker than expected consumer confidence saw risky assets lose weight and USD overperform on haven flow demand. US treasury debt has recently seen yields rise and as a result the bills and bonds are very attractive at the moment.
We are likely to see the first European central bank raise interest rates today; needless to say this will not be the Bank of England. We are with the market and expect the Norges Bank, the Norwegian central bank, to raise rates by 25bps as their economy continues to fight upwards.
The pound benefited from a weak euro yesterday as the single currency was creamed by the US dollar. Sterling battled above 1.10 but looks nervous holding it.
In a quiet day of data we will be looking at some bullish new home sales data (14.00) from the US to stop this recent dollar rise. We could see some swings over the next 24 hours however as market participants position themselves ahead of tomorrow’s US GDP data.
You can also follow us live on Twitter at http://twitter.com/World_First
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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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1.1028
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1.1055
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GBP/USD
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1.6344
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1.6368
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EUR/USD
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1.4802
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1.4823
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GBP/JPY
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148.95
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149.22
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GBP/AUD
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1.7975
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1.8001
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GBP/NZD
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2.2153
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2.2186
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GBP/CAD
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1.7478
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1.7511
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NZD/USD
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0.7368
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0.7389
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GBP/ZAR
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12.61
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12.66
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USD/ZAR
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7.70
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7.74
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GBP/PLN
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4.6599
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4.6871
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EUR/JPY
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134.89
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135.12
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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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