Today's Interbank rates -
POUNDS TO US DOLLARS 1.5962
POUNDS TO EUROS 1.1703
POUNDS TO AUSTRALIAN DOLLARS 1.6141
EUROS TO US DOLLARS 1.3639
EUROS TO POUNDS 0.8544
EUROS TO AUSTRALIAN DOLLARS 1.3792
POUND HEADLINES:
- Bank of England policy makers were split three ways again
during their meeting earlier this month, minutes have shown. Seven of the
MPC members voted for no change to interest rates and no additional stimulus
spending. (currently 0.5% and 200bn stimulus). Posen kept up his demand to
increase the size of asset purchases whilst Sentance said "recent news
strengthened case for further tightening". - Today caps off a busy week in the UK, with the release of
retail sales & public finance data. After two consecutive falls we expect
retail sale volumes to have increased by 0.4% month-on-month in October,
although to be flat compared to a year ago. - Also out today, government finance data are expected to
show little change from last year, as fiscal austerity measures are yet to
take effect. - There have been reports that the UK is considering
offering billions of pounds of direct loans to the Irish Republic.
Chancellor Osbourne said the UK was "ready to support Ireland". He also said
"Ireland is our closest neighbour and its in Britain's national interest
that the Irish economy is successful and we have a stable banking system".
- The Irish Republic looks likely to accept ' a very
substantial rescue package' as part of an EU backed bail out. The rescue
package will amount to 'tens of billions' of Euros. - Representatives from the international Monetary Fund, the
European Central Bank and the EU will meet with the Irish Government to
discuss the proposed bail out. - Ireland has suffered the deepest recession of any country
in the developed world, including collapsing property prices and a
deeply-indebted banking sector.
- In the US today we expect the Philadelphia Fed Survey to
rise to 4.5 in November, up from 1 in October. However following from the
fall in the Empire Manufacturing Survey on Monday , there is some downside
risk to the forecast. - Inflation in the US slowed further in October, with
"core" inflation - which excludes volatile food and fuel prices - up only
0.6% on a year ago. It is the lowest year-on-year increase on record, with
core prices remaining unchanged for three months running. - Data calendar today is relatively busy with an index of
manufacturing activity in the US due for release this afternoon, the
expected improvement in which could give the dollar a lift.
If you need to buy, sell or make an international payment today then please
call me for a free quote.
kris@imsfx.co.uk
Tel: 0207 183 2790
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