International Money Transfers Euros Pounds Dollars

IMS FX MORNING REPORT for Thursday 25th November 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5783
POUNDS TO EUROS 1.1848
POUNDS TO AUSTRALIAN DOLLARS 1.6081

EUROS TO US DOLLARS 1.3320
EUROS TO POUNDS 0.8439
EUROS TO AUSTRALIAN DOLLARS 1.3571

POUND HEADLINES:

• Yesterdays Q3 GDP figures have shown that the economy
  grew 0.8% between July and September.
• The ONS (Office of National Statistics) said exports of
  goods & services rose 2.2% while imports rose 0.7%. However growth in
  government & household spending slowed.
• After yesterdays second estimate for UK Q3 GDP, which was
  unchanged, attention now turns to the HM Treasury Committee hearing on the
  Bank of England's November Inflation Report. Bank of England's governor
  Mervyn King and MPC members, Posen and Sentance, who represent the
  increasing polarised view among the MPC Committee, are scheduled to speak.

EURO HEADLINES:

• The Irish Government has unveiled a range of tough
  austerity measures designed to help solve the country's debt crisis. Among
  the spending cuts and tax rises are a reduction in the minimum wage from 1
  euro cut to 7.65 euro's an hour, a new property tax and thousands of public
  sector job cuts. The 4 year plan is designed to save the state 15bn euro's
  which equates to about 9% of the country's total economic output.
• German business confidence has hit its highest level
  since reunification, providing further evidence of the country's strong
  economic recovery, the IFO business climate showed. The IFO business climate
  Index climbed to 109.3 in November, up from 107.7 the previous month,
  defying analysts predictions of a slight fall hitting a 20 year high.
• Following on from Irelands problems the German confidence
  figures provided a much needed boost in light of the debt crisis which also
  threatens to spread to other European countries with high budget deficits.

US DOLLAR HEADLINES:

• US household incomes and spending rose in October despite
  continuing housing market woes.
• Personal income was up 0.5% versus a month earlier, with
  consumer spending up 0.4%, the commerce department said. The news along with
  a surprise drop in unemployment benefit claims helped boost the dollar
  yesterday.
• New home sales fell 8% in October from the month before
  on a seasonally adjusted basis. Total sales for the month were the lowest on
  record, beating a previous record set in 1981. This follows a more
  encouraging report on existing home sales in October on Tuesday, which
  showed sales up 8.4% versus a year earlier, with the inventory of unsold
  housing falling versus the previous month.

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