IMS FX Morning Report 20-09-2010

Good Morning,

IMS FX Morning Report for Monday 20th September 2010.

Interbank rates as follows -

POUNDS TO US DOLLARS 1.5597
POUNDS TO EUROS 1.1907
POUNDS TO AUSTRALIAN DOLLARS 1.6501

EUROS TO US DOLLARS 1.3099
EUROS TO POUNDS 0.8398
EUROS TO AUSTRALIAN DOLLARS 1.3858

POUND HEADLINES:

• CML reveals mortgage advances fell by 14% to 11.4 billion during August
  2010
• Sterling exchange rates declined to a 6 week low last week against the
  euro and has also lost ground to the majority of other currencies due to
  retail sales data declining for the month of August
• Bank of England minutes released on Wednesday this week will reveal how
  MPC members voted and will give an indication on future interest rates.

EURO HEADLINES:

• Eurozones debt positions still a major concern as Irish bond yields
  widened to their highest level although IMF spokesman has revealed he does
  not believe financial assistance would be required for Ireland
• EURUSD early day surge seems to be falling back below $1.31
• Bundesbank has stated German upswing has weakened after strong Q2
  recovery but the recovery trend is still intact

US DOLLAR HEADLINES:

• Sterling hit a 5 week high on Friday as renewed risk aversion hit the
  markets coupled with disappointing inflation data adding concerns about the
  strength of the US economy
• Tomorrow we will have the interest rate decision from the FED. Rates are
  likely to be left on hold but its comments may effect GBPUSD
• US dollar kicked off the week down 0.23% against the aussie dollar,
  0.19% against the Kiwi and 0.13% against the pound but remains flat against
  the euro

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