Today's Interbank rates -
POUNDS TO US DOLLARS 1.5689
POUNDS TO EUROS 1.1282
POUNDS TO AUSTRALIAN DOLLARS 1.6045
EUROS TO US DOLLARS 1.3906
EUROS TO POUNDS 0.8863
EUROS TO AUSTRALIAN DOLLARS 1.4222
POUND HEADLINES:
- Retail sales fell again for September, the second month
in succession they have declined, official data has shown. Sales last month
were 0.2% lower than August, led by falls in clothing and car fuel sales,
said the ONS - Mervyn King stated that the economy was still 'barely
growing at all' and added that it was a 'key role' for the bank to provide
stimulus when the economy was in need. The bank has so far put £200bn into
the economy through QE. Some economists now expect the Bank could inject at
least another £100bn into the economy following the next meeting of its
Monetary Policy Committee at the start of November - House sales in the UK fell in September for the second
month in a row, HM revenue and Customs figures have shown. Completed sales
in September were 78k down from 82k in August and slightly lower than in
September last year. This was the first year-on-year fall in sales in 2010.
This follows on from Wednesdays news when the CML announced that total
mortgage lending in September had been £12bn, the lowest September since
2000 - Main focus for Sterling now will be next weeks 3rd
quarter GDP figures. The problem for Sterling is the consistent speculation
about quantitative easing. Any currency that has that prospect hanging over
it is likely to underperform
- Strong German data has been released this morning as
German IFO business climate comes back at 107.6 beating expectations of
106.5. This is one of the country's key business sentiment surveys. As the
largest economy in the Eurozone, the German IFO is a significant economic
health indicator for the Eurozone as a whole - Today also sees two ECB speakers in Action, Carlos Costa
and Ewald Nowotny - Sterling has now hit a 6.5 month low against the Euro
after weak UK retail sales data increases concerns that the bank of England
may opt to inject more stimulus into the faltering economy
- Initial jobless claims fell 23k last week to 452k. Prior
reading revised from 462k to 475k. Also US continuing claims fell from a
revised 4450k to 4441k in the week ended Oct 9th (4420k expected) - US leading indicators rose 0.3% in September, as
expected. US Philadelphia Fed Index rose from -0.7% to 1.0% in October, less
than 2.0% expected. Feds Bullard calls unemployment 'unusually' high and
'persistent'. He says it is unclear how weak financial systems may hinder
recovery - The dollar has been boosted with investors cautious of
the holding onto risky positions ahead of the G20 meeting in South Korea,
which began today
call me for a free quote.
Kris Charalambides
FX BrokerTel: 0207 183 2790
No comments:
Post a Comment