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
call me for a free quote.
Kris Charalambides
Tel: 0207 183 2790
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