Hi All
Thursday 02/09/2010. Interbank rates as follows -
POUNDS TO US DOLLARS 1.5391
POUNDS TO EUROS 1.2006
POUNDS TO AUSTRALIAN DOLLARS 1.6947
EUROS TO US DOLLARS 1.2825
EUROS TO POUNDS 0.8332
EUROS TO AUSTRALIAN DOLLARS 1.4121
POUND HEADLINES:
- Manufacturing PMI dropped to a nine month low reading 54.3% as house
prices fall for a 2nd month in a row causing sterling to drop to a 3 week
low against the euro - GBPUSD - Sterling stands out as main under performer on Thursday
following some weaker housing data and concerning IMF (International
Monetary Fund) debt comments - Nationwide House price index has confirmed 0.9% drop in August, its
biggest drop since February 2009
- ECB will confirm policy decision later today which should see interest
rates left on hold at 1.00% followed by press conference - German growth is expected to perform above average as expected but Italy
and Spain are expected to underperform (Greece included!), which would make
it impossible to set rates to encourage growth and control inflation - GBPEUR - very volatile and just holding above 1.20 this morning
- US manufacturing sector has grown faster than expected which has been
revealed in August figures - Key US data tomorrow will see release of Non-Farm Payroll activity
therefore investors remain cautious ahead of this - In trading this morning sterling has fallen below $1.54 after the
release of negative UK housing data
call me for a free quote.
Kris Charalambides
Tel: 0207 183 2790
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