Friday saw the UK as the first of the G8 countries to report on growth for the second quarter of 2008 via GDP. The figure came out as consensus, 0.2%, and although a positive figure many commentators believe the UK economy is already contracting and a negative figure for Q3  is not unlikely. 0.2% growth also confirms that the UK economy’s 12 month growth figure is the lowest since 1993.

Dollar was fairly volatile over the course of the trading and was not helped by further US home sales disappointment. New home sales fell 0.6% in June which equates to a 33.2% fall since this time last year. Prices on average have fallen as well by 2%.

Today is a fairly quiet day on the data front and as such we will be looking towards stock, commodity and debt markets for guidance.

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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.

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