No news was once again good news for the pound yesterday. A lack of any tier one data and static equity markets left room for the pound to extend its gains against the dollar and euro. Dollar weakness once again dominated the day, with the euro reaching further highs against the greenback
US Employment figures remain firmly in the limelight over the week, and yesterdays ADP employer services figures revealed an estimated 169,000 jobs were eliminated last month. While this it was slightly worse than consensus, it is the best result since mid 2008 and was a factor in further dollar selling.
Japanese Prime Minister Yukio Hatoyama gave the clearest indication yet that the Bank of Japan would intervene in the currency market to halt the rampant strength of the Yen following the fallout from the Dubai crisis. His comments that the currency “can’t be left as it is” had the desired effect, sending the Yen lower over the day.
European data will be the main focus of the day with The ECB interest rate decision at 12:45 this afternoon expecting to hold rates at 1%, as well as retail sales figures from the Euro zone. From the US we have initial jobless claims
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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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1.1036
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1.1061
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GBP/USD
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1.6694
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1.6718
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EUR/USD
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1.5111
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1.5132
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GBP/JPY
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146.36
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14698
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GBP/AUD
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1.7914
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1.7960
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GBP/NZD
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2.2890
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2.2942
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GBP/CAD
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1.7464
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1.7520
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NZD/USD
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0.7271
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0.7291
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GBP/ZAR
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12.16
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12.21
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USD/ZAR
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7.2699
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7.3056
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GBP/PLN
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4.5091
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4.5383
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EUR/JPY
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132.44
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133.14
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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 (rick.roache@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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