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