Wednesday 1 September 2010

FOREIGN EXCHANGE DAILY SUMMARY 01-09-2010

Hi All

Wednesday 01/09/2010. Interbank rates as follows -

POUNDS TO US DOLLARS 1.5385
POUNDS TO EUROS 1.2029
POUNDS TO AUSTRALIAN DOLLARS 1.6982

EUROS TO US DOLLARS 1.2789
EUROS TO POUNDS 0.8313
EUROS TO AUSTRALIAN DOLLARS 1.4118


POUND HEADLINES:
  • Month end buying was favourable for the Euro which in turn saw Sterling
    slide steadily through the day to close back at 1.21
  • UK PMI Manufacturing (August) comes in at 54.3% missing expectations of
    57.0% and slipping from July's 56.9%
  • Sterling hit a 5 week low against the dollar yesterday as ongoing
    concerns about the global economic recovery lifted safe haven demand

EURO HEADLINES:

  • Unemployment in the eurozone remained at a record rate of 10% for a
    fifth month in a row.
  • Focus on the Euro will come from Thursdays ECB policy decision where
    Trichet will give the market the latest economic outlook for the eurozone
  • The Euro enjoyed slight gains against the dollar yesterday as month-end
    flows saw investors buying back the single currency

US DOLLAR HEADLINES:

  • In terms of data, a US consumer confidence survey was released and
    actually managed a slight monthly improvement to suggest that not all is
    doom and gloom, however, a raft of other figures this week are unlikely to
    add much positivity
  • Today there is a preview of what last months US job figures look like,
    but we don't expect investors to make many dealing decisions until the real
    data has been seen on Friday
  • In trading this morning the euro is continuing to track higher but the
    $1.27 level remains a stiff resistance level

If you need to buy, sell or make an international payment today then please
call me for a free quote.



Kris Charalambides

FX Broker

kris@imsfx.co.uk

www.imsfx.co.uk

Tel: 0207 183 2790





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