We were once again reminded of the human cost of ill-fated decisions over the weekend. Whilst Britain came together as one yesterday to remember those who had lost their lives in the defence of the country, on Friday we once again were given data that showed how many had lost their livelihood.
The US unemployment rate has now risen above 10%; Friday’s release confirming 10.2%. This is simply staggering.
The markets were in stasis for the morning session as everyone waited for the Labor Department figures. In the immediate aftermath we saw USD gain ground against most of the G10 basket while shares across the world lost close on 2% in the course of 10 mins. The market had not expected 10.2% unemployment clearly.
GBPUSD and GBPEUR were also volatile after the announcement but stayed within the ranges we suggested last week.
The key piece of £ centric data this week will be the Bank of England’s Inflation Report due Wednesday, while today’s focus will be on German Industrial Production.
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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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1.1190
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1.1217
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GBP/USD
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1.6767
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1.6792
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EUR/USD
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1.4976
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1.4988
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GBP/JPY
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151.05
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151.40
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GBP/AUD
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1.8086
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1.8111
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GBP/NZD
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2.2722
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2.2773
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GBP/CAD
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1.7826
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1.7880
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NZD/USD
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0.7366
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1.7386
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GBP/ZAR
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12.47
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12.52
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USD/ZAR
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7.43
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7.47
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GBP/PLN
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4.7247
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4.7516
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EUR/JPY
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134.80
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135.05
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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 (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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