IMS FX MORNING REPORT - Tuesday 5th October 2010
Interbank rates as follows -
POUNDS TO US DOLLARS 1.5876
POUNDS TO EUROS 1.1517
POUNDS TO AUSTRALIAN DOLLARS 1.6541
EUROS TO US DOLLARS 1.3784
EUROS TO POUNDS 0.8672
EUROS TO AUSTRALIAN DOLLARS 1.4362
POUND HEADLINES:
- Better than expected data from the UK construction
industry helped the pound enjoy a more upbeat tone yesterday climbing back
above 1.15 to close the day at 1.1564 - Pound does remain vulnerable ahead of Thursdays bank of
England policy decision although few expect any change to rates although
there is a possibility of additional monetary easing measures still in the
spotlight - UK PMI services for September comes in at 52.8 beating
expectations of a drop to 51.0 unexpectedly easing double dip fears
EURO HEADLINES:
- Eurozone retail sales for August M/M comes in at -0.4%
massively missing expectations for the 0.2%. the Y/Y figure is 0.6% missing
expectations of 1.3% - ECB said its purchases of government bonds in the past
week rose to their highest level in 3 months against a background of
increasing market fears for the financial health of Ireland and Portugal.
Moody's senior analyst 'Thomas' says a change in economic outlook wont
'rescue' Portugal and even with deficit cut debt will remain high - Eurozone PMI services for September comes in at 54.1
beating expectations of 53.6
- Figures from US showed an improvement with pending sales
of previously owned US houses rising to a 4 month high indicating the
housing market may be picking up - US currency is enjoying a stronger demand as investors
cut their Yen positions due to the Japanese central bank lowering its
interest rates - Feds Bernanke says 'He sees growing economic threat from
rising Federal debt. Rising Federal debt may lead to higher interest rates
call me for a free quote.
Kris Charalambides
FX Brokerwww.imsfx.co.uk
Tel: 0207 183 2790
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