IMS FX MORNING REPORT for Tuesday 19th October 2010
Today's Interbank rates -
POUNDS TO US DOLLARS 1.5781
POUNDS TO EUROS 1.1339
POUNDS TO AUSTRALIAN DOLLARS 1.5982
EUROS TO US DOLLARS 1.3916
EUROS TO POUNDS 0.8818
EUROS TO AUSTRALIAN DOLLARS 1.4094
POUND HEADLINES:
- The UK recovery is losing momentum and will slow over the
winter but chances of a double dip recession have been "exaggerated" says
forecasters. GDP will grow 1.4% this year and 2.2% in 2011, the Ernst &
Young ITEM club predicted. the report comes ahead of the Government Spending
Review which many fear will stun the economy - Sterling closed the day on Monday against the euro below
1.14 and in trading this morning sterling remains on the back foot and will
likely remain vulnerable ahead of the UK Governments spending review as well
as the Bank Of England minutes - Former BOE policy maker Barker says relying on more BOE
stimulus for growth is misplaced, more stimulus may stoke CPI more than
growth
- Eurozone current account for August comes in at -10.5bn
blowing out from Julys 3.4bn surplus - Eurozone construction output for August (M/M) comes in at
-0.4%. The Y/Y figure is -8.5% widening from Julys -6.9% - The Euro briefly slipped against the dollar last night
after Geithner announced that the US will preserve confidence in a strong
dollar and 'will not engage' in currency devaluation
- The dollar received a slight boost from Treasury
Secretary Tim Geithner who said that the US would not engage in dollar
devaluation and needed to work hard to preserve confidence in a strong
dollar - The dollar rose against the euro for a second straight
session yesterday as investors scaled back expectations of the size of a
second round of quantitative easing - Further asset purchases by the US Fed Reserve appear to
be priced in, while at the other end of the scale, the ECB looks unlikely to
undertake any further form of quantitative easing policy measures for now
If you need to buy, sell or make an international payment today then please call me for a free quote.
Kris CharalambidesFX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Tel: 0207 183 2790
No comments:
Post a Comment