Posts Tagged ‘Hank Paulson’
Foreign Exchange - UK Daily Update - Friday, September 26, 2008 7:22 - 0 Comments
Volatility Continues As World Waits – World First’s Morning FX Update – 26th September 2008
It was once again a supremely volatile day on dollar crosses as the continued wrangling over the Treasury’s bail-out proposal dominated news flow. Early in the afternoon Chris Dodd, Chairman of the Senate Banking Committee told a gaggle of reporters that a tentative accord had been reached by both parties although he later added that we may not see a signed bill until next week. The greenback strengthened markedly as a result, ploughing through established support levels. Dollar sellers however will not be popping champagne corks however as Republicans reiterated their concerns over the role of the government in the financial services sector. A counterproposal put forward by the rebels was swiftly smothered at birth by Hank Paulson however. Policymakers will meet again today and try and hammer out a compromise.
Dollar was also hurt by the news that another bank has fallen over. Washington Mutual was bought by JPMorgan for $1.9bn in what is being hailed as the biggest ever commercial bank failure. Euro and Sterling however are still unable to make real gains in the wake of these alarming developments as weak data provides little support.
All eyes will be on the US today, mainly on Capitol Hill, but also on GDP and consumer confidence figures.
Have a great weekend.
| Indicative Rates | ||
| Sell | Buy | |
| GBPEUR |
1.2563 |
1.2589 |
| GBPUSD |
1.8368 |
1.8393 |
| EURUSD |
1.4603 |
1.4626 |
| GBPJPY |
193.80 |
194.61 |
| GBPAUD |
2.2117 |
2.2169 |
| GBPNZD |
2.6748 |
2.6804 |
| GBPCAD | 1.9002 | 1.9023 |
| NZDUSD |
0.6847 |
0.6877 |
| GBPZAR |
14.97 |
15.03 |
| USDZAR |
8.14 |
8.18 |
| GBPPLN |
4.2050 |
4.2325 |
| Rates are dependent on amount transacted Please call 0207 801 9080 for a live rate quote |
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