Friday’s Non-Farm Payrolls release was a mixed affair as the change was less than expected (-217k vs. -230k) however the unemployment rate swelled to a massive 9.7%. Some of the increase is being put down to the influx of new entrants into the jobs market we see in summer (new grads for example) however it is clear to see that the US jobs market is recovering at an agonising rate.
The effect on FX markets was one of volatility in the immediate aftermath with GBP/USD moving close to the 1.64 level while most crosses returned to where they had been trading before the announcement.
Today is of course Labor Day in the US and with American markets closed we expect a fairly quiet day; The calm before the storm if I may. Once Labor Day has passed the summer is officially over and with that the doldrums on asset classes should end. We expect volume levels to pick up and with that some more sustained moves. The first thing we will be looking for is whether the latest rally on equity markets will be continued to be backed or whether this is the one that breaks the collective camels’ backs. Lower equity markets would see sterling lose ground..
You can also follow us live on Twitter at http://twitter.com/World_First
|
Latest Exchange Rates At Time Of Writing
|
|
Indicative Rates
|
Sell
|
Buy
|
|
GBP/EUR
|
1.1418
|
1.1444
|
|
GBP/USD
|
1.6381
|
1.6405
|
|
EUR/USD
|
1.4331
|
1.4352
|
|
GBP/JPY
|
152.53
|
153.01
|
|
GBP/AUD
|
1.9210
|
1.9257
|
|
GBP/NZD
|
2.3756
|
2.3814
|
|
GBP/CAD
|
1.7729
|
1.7790
|
|
NZD/USD
|
0.6883
|
0.6905
|
|
GBP/ZAR
|
12.48
|
12.53
|
|
USD/ZAR
|
7.61
|
7.64
|
|
GBP/PLN
|
4.6740
|
4.7018
|
|
EUR/JPY
|
133.54
|
133.92
|
|
Rates are dependent on amount transacted. Please call 0207 801 9080 for a live rate quote.
|
|
|
|
|
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.
|
|
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.
Please click here if you would like to stop receiving the World First Morning Update.
|
|
Leave a Reply