Sterling was under further downward pressure yesterday as the UK economic outlook remains shaky. There were no surprises from the BoE minutes, reiterating the tone set last month and continuing sterling’s poor form. The MPC was once again split 7-1-1, with seven members voting for a hold, Besley for a raise and the eternal dove Blanchflower voting for a cut. The CBI Industrial trend result showed manufacturers expect to cut output for the fastest rate in over 6 years, again not doing the pound any favours.The US lost some of its recent momentum, with falling demand for the dollar attributed to oil gaining marginally and continued reservations that the government may have to bail out Fannie Mae and Freddie Mac. Yesterday was quiet one news front for the Euro, but today markets will keep a close eye on the flash PMI manufacturing and service figures. The US Philadelphia Fed result may provide some action for the Eurodollar cross Looking homeward, UK Retail sales figures are also expected today. The consensus forecast is for a fall of 0.3%, however we forecast a result slightly better than this, as retail figures have been surprisingly immune to the economic problems.
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Indicative Rates
|
| |
Sell
|
Buy
|
|
GBPEUR
|
1.2593
|
1.2618
|
|
GBPUSD
|
1.8636
|
1.8660
|
|
EURUSD
|
1.4783
|
1.4806
|
|
GBPJPY
|
202.69
|
204.41
|
|
GBPAUD
|
2.1357
|
2.1407
|
|
GBPNZD
|
2.6101
|
2.6161
|
|
GBPCAD
|
1.9718
|
1.9771
|
|
GBPZAR
|
14.38
|
14.45
|
|
USDZAR
|
7.68
|
7.76
|
|
GBPPLN
|
4.1705
|
4.1968
|
|
Rates are dependent on amount transacted
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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 yo
