Today's Interbank rates -
POUNDS TO US DOLLARS 1.5699
POUNDS TO EUROS 1.1851
POUNDS TO AUSTRALIAN DOLLARS 1.6265
EUROS TO US DOLLARS 1.3247
EUROS TO POUNDS 0.8438
EUROS TO AUSTRALIAN DOLLARS 1.3724
POUND HEADLINES:
- MPC's Adam Posen has said that he was concerned about
support given by the MPC for the governments plans to cut the budget
deficit. Mr Posen told MP's on the treasury committee that he and some
colleagues had made their concerns known to the governor but he admitted
this was a minority view. - The MPC has been split over monetary policy at its last
two meetings. Mr Posen has called for £50bn of extra QE - the banks main
stimulus measure whilst Andrew Sentance favoured raising interest rates from
0.5% to 0.75%, while the other seven members voted for no change in rates
and no additional stimulus spending. - Retail sales rose in November. The figure is 10 points
higher than analysts expected, but below the 49% recorded in September, a
six year high.
- Today we have the release of preliminary German CPI for
November and eurozone M3 money supply data which will provide - Eurozone M3 money supply has shown signs of improvement,
but the rate of growth this year still remain subdued. The fragile state of
eurozone banks and net new lending, especially those in periphery countries
such as Greece, Ireland and Spain, will make ECB policy makers more
apprehensive about withdrawing support to the sector. - Growing sceptism around both Greece and Irelands future
economic growth prospects, and the feasibility of projected deficit
reduction programmes this week, continues to drive fears of contagion
amongst other periphery countries such as Portugal and Spain.
- A relatively quiet day for data releases post the
Thanksgiving holiday leaves markets more susceptible to events unfolding in
the eurozone.
If you need to buy, sell or make an international payment today then please
call me for a free quote.
Kris Charalambides
FX Brokerwww.imsfx.co.uk
Tel: 0207 183 2790
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