The longest period of contraction the US economy has witnessed since the Great Depression was officially brought to end yesterday as gross domestic product figures revealed an annualised growth rate of 3.5% versus a consensus of 3.2%.
The $787bn stimulus package released by the Obama administration has helped see the US join the growing club of countries to exit technical recession, the fourth of the G7 nations. The UK is now embarrassingly one of only a handful of major nations that has failed to return to growth.
Equity markets surged ahead in response to the news, reversing early week losses. Risky assets were swept along for the ride also, and the pound was stronger against the dollar and euro. Banking stocks hogged the limelight again as the FTSE closed 57 points higher, with Lloyds and RBS stronger over the day.
This morning we had Nationwide housing prices data which was slightly weaker than consensus. Today from the UK we have a consumer confidence and personal consumption and expenditure figures from the US.
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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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1.1149
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1.1175
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GBP/USD
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1.6532
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1.6536
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EUR/USD
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1.4808
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1.4829
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GBP/JPY
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150.47
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151.03
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GBP/AUD
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1.8132
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1.8174
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GBP/NZD
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2.2725
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2.2780
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GBP/CAD
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1.7655
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1.7712
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NZD/USD
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0.7258
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0.7284
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GBP/ZAR
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12.83
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12.86
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USD/ZAR
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7.75
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7.78
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GBP/PLN
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4.7232
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4.7511
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EUR/JPY
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134.62
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135.30
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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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