IMS FX Morning Report 23-09-2010

Good Morning,

IMS FX MORNING REPORT - Thursday 23/09/2010

Interbank rates as follows -

POUNDS TO US DOLLARS 1.5654
POUNDS TO EUROS 1.1747
POUNDS TO AUSTRALIAN DOLLARS 1.6503
EUROS TO US DOLLARS 1.3330
EUROS TO POUNDS 0.8511
EUROS TO AUSTRALIAN DOLLARS 1.4042

POUND HEADLINES:

• Pound hit a 4 month low yesterday against the euro as Bank of England
  minutes reveal that MPC members are considering further Quantitative Easing
• Andrew Sentance was the only member of MPC who had voted for a rat hike
  of 0.25% for a 4th month in a row.
• At the moment the Pound is stronger than the dollar as the Fed Reserve
  also look for further Quantitative Easing highlighted on Tuesday

EURO HEADLINES:

• Portugal has raised 750 million on the capital markets increasing hopes
  that a debt default can be avoided. This follows on from both Greece and
  Ireland
• German Government to sell EUR 60bn of debt in 4th quarter, less than
  planned EUR 89bn
• Eurozone PMI manufacturing (Sep) comes in at 53.6 missing expectations
  of 54.5 prior month was 55.1

US DOLLAR HEADLINES:

• This afternoon at 3pm we have US existing home sales which if shows an
  improvement could help the dollar recover some of its losses making the
  dollar more expensive to purchase
• USD could remain under pressure until Feds November meeting if economic
  data from US continues to remain weak
• The dollar fell to its lowest against the euro yesterday since April as
  speculation that the Fed Reserve will ease monetary policy further.

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