Posts Tagged ‘Hurricane Gustav’
Foreign Exchange - UK Daily Update - Thursday, August 28, 2008 7:23 - 0 Comments
World First’s Morning FX Update – 28th August 2008
Dollar has slackened overnight against the euro however it continues to corkscrew lower against the British pound. Fears over the path of Hurricane Gustav in the Gulf of Mexico saw oil jump higher yesterday yet dollar was underpinned by a strong durable goods figure.
The euro joined in on the recent spate of sterling bashing yesterday as two ECB council members released some hawkish comments. Axel Weber stated that any talk of lower interest rates in the EU was premature while Member Papademos advised that should a wage-price spiral emerge in Europe then rates should be raised to combat the ensuing effects.
On a trade weighted basis Sterling is now at a 12 year low; a decline backed up by the publication of this morning’s Nationwide house price data. Prices have fallen by the single largest monthly amount since the building society started their surveys in 1991. There is also a report in The Guardian this morning in which a recession for the entire of 2009 is expected.
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Indicative Rates |
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| Sell | Buy | |
| GBPEUR | 1.2419 | 1.2444 |
| GBPUSD | 1.8373 | 1.8395 |
| EURUSD | 1.4767 | 1.4800 |
| GBPJPY | 199.71 | 200.44 |
| GBPAUD | 2.1172 | 2.1223 |
| GBPNZD | 2.6007 | 2.6061 |
| GBPCAD | 1.9173 | 1.9234 |
| GBPZAR | 14.17 | 14.22 |
| USDZAR | 7.70 | 7.74 |
| GBPPLN | 4.1494 | 4.1749 |
| Rates are dependent on amount transacted Please call 0207 801 9080 for a live rate quote |
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