Today's Interbank rates -
POUNDS TO US DOLLARS 1.5916
POUNDS TO EUROS 1.1776
POUNDS TO AUSTRALIAN DOLLARS 1.6291
EUROS TO US DOLLARS 1.3515
EUROS TO POUNDS 0.8491
EUROS TO AUSTRALIAN DOLLARS 1.334
POUND HEADLINES:
- CPI Inflation rate rose unexpectedly to 3.2% in October,
official figures have shown on the back of higher fuel prices. It was
expected the CPI figure would remain unchanged at 3.1%. The news has forced
BOE governor Mervyn King to write to the Chancellor explaining why inflation
has remained more than 1% over target. - Retail Prices (RPI) fell slightly to 4.5% down from 4.6%
a month earlier. RPI contains a bigger share of housing costs and is used to
calculate many benefits payments and pensions. - Focus today will be on the Bank of England's November
minutes. These follow the November Inflation Report published last week. The
minutes will reveal whether any other members joined Adam Posen in voting
for additional QE.
EURO HEADLINES:
- The markets attention over the course of the day is
likely to remain on the Euro area periphery countries with Ireland, and
potentially Portugal, edging closer towards receiving some sort of support
from a combination of its European neighbours and the IMF. - Eurozone CPI for October M/M came in yesterday at 0.4%
beating an expected 0.3%. The Y/Y figure came in as expected at 1.9%. - Elsewhere today the spotlight will be on the European
Central Banks meeting this afternoon where 'Constancio' speaks in Frankfurt.
- Attention in the US shifts to the CPI data which are
expected to show that underlying inflationary pressures remain subdued - The
core CPI rate is expected to fall in October. - Industrial Production was unchanged in October compared
to expectations for a 0.3% rise. - US Producer Prices rose 4.3% annually in October, less
than the 4.6% which was expected. Core Prices rose by 1.5% annually but
again was less than the expected 2.1%.
call me for a free quote.
Kris Charalambides
Tel: 0207 183 2790
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