Dollar continued to strengthen on Friday as fears over the state of the US financial diminished and oil prices were allowed to fall further. Today’s markets will be predicated on the similar news flow; stock market volatility off of the back of earnings reports from US regional banks.

News over the weekend from the UK was typically downcast; The Royal Institute of Chartered Surveyors believe that the housing market will continue to fall which backed comments from the Citigroup Chairman Win Bischoff that he believes that house prices will continue to fall in the UK and the US for the next 2 years.

David Blanchflower, the perennial MPC interest rate dove, voiced concerns that the UK economy is already in a recession with us also expecting him to be a dissenter in the Bank of England’s minutes (due Wednesday)

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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.   

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.