Bernanke poured water on the positive sentiment following Friday’s excellent US unemployment figure, warning that “headwinds” remain. The dollar was mildly weaker as the Fed chairman also commented there would be no change to the interest rate plans of the Fed.
The Yen was strengthening after the Japanese government unveiled an $81bn stimulus plan, unleashed as other nations begin to worry about exit strategies for their stimulus measures.
Greece has once again proven to be the bad apple in the euro barrel, as rating’s agency S&P put the country’s A- rating on negative watch. German factory orders yesterday surprised to the downside, falling 2.1% since last month, worse than a consensus view of 0.6%. German industrial production figures are due this morning and are expected to show an improvement for three months running.
Taking the German’s lead is the UK with industrial and manufacturing production data at 09:30. Any disappointment should see the pound slide as we lead into tomorrow’s pre budget report
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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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1.1040
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1.1066
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GBP/USD
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1.6336
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1.6360
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EUR/USD
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1.4782
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1.4805
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GBP/JPY
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145.17
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145.80
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GBP/AUD
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1.7951
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1.7991
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GBP/NZD
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2.2942
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2.3002
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GBP/CAD
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1.7211
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1.7367
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NZD/USD
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0.7109
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0.7136
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GBP/ZAR
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12.22
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12.25
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USD/ZAR
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7.47
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7.50
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GBP/PLN
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4.5023
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4.5306
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EUR/JPY
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131.45
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132.05
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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.
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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