BEST FOREIGN EXCHANGE RATES

IMS FX MORNING REPORT for Wednesday 24th November 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5926
POUNDS TO EUROS 1.1727
POUNDS TO AUSTRALIAN DOLLARS 1.6223

EUROS TO US DOLLARS 1.3581
EUROS TO POUNDS 0.8527
EUROS TO AUSTRALIAN DOLLARS 1.3834

POUND HEADLINES:

• Today's second estimate of UK GDP for the 3rd quarter is
  unlikely to detract attention from events elsewhere is Europe. Nevertheless,
  the detail should make for interesting reading as the market seeks to make
  sense of the stronger than expected 0.8% rise in UK GDP last quarter.
• UK GDP Q3 quarter-on-quarter did come in as expected at
  0.8%. The year-on-year figure also met expectations coming in at 2.8%. The
  final GDP report is due on the 22nd December.
• UK exports for the 3rd quarter came in at 2.2% beating
  expectations of 1.5% and UK imports again for the 3rd quarter also came back
  better than expected at 1.7%.

EURO HEADLINES:

• Today's German IFO will provide another steer as to how
  Europe's largest economy is faring. We expect a modest deterioration,
  although concede that after yesterdays stronger Manufacturing PMI reading
  there is an upside risk too.
• The Irish Government is set to publish an austerity plan
  required for its EU and IMF led bail-out. This follows another day of market
  angst, with shares down sharply on Tuesday and the euro 1.9% lower against
  the dollar.
• Also on Tuesday, ratings agency Standard & Poor's
  downgraded the Republic , from AA - to A, due to the large sum involved in
  the rescue package from the European Union & The International Monetary Fund
  (IMF).

US DOLLAR HEADLINES:

• Today sees the release of a raft of US data, including
  durable goods orders, jobless claims, personal spending, new home sales and
  consumer confidence. On balance the overall tone of these should be a little
  stronger, albeit scant respite ahead of the Thanksgiving holiday on
  Thursday.
• The Federal Reserve has cuts its 2011 growth forecast for
  the US economy the latest FOMC minutes reveal. The Fed expects growth of 3 -
  3.6% next year down from its previous of 3.5 - 4.2% estimate. It also
  forecasts higher unemployment and lower inflation than before.
• The minutes of the Feds November meeting show that
  support for QE policy was almost unanimous, with only one member voting
  against.

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