Today's Interbank rates -
POUNDS TO US DOLLARS 1.6058
POUNDS TO EUROS 1.1503
POUNDS TO AUSTRALIAN DOLLARS 1.6245
EUROS TO US DOLLARS 1.3958
EUROS TO POUNDS 0.8692
EUROS TO AUSTRALIAN DOLLARS 1.4122
POUND HEADLINES:
- Sterling enjoyed a strong end to the month against both
the euro and dollar following strong UK GDP data which has decreased the
likelihood of additional monetary easing from the Bank of England - Key announcements this week will be the Bank of England's
interest rate decision and the comments that come out of the meeting. We
also have UK manufacturing data today - Hometrack housing survey (MoM) for October comes back at
-0.09% versus -0.4% in the prior period
- The single currency had been under pressure last week as
renewed worries over Portugal and Greece hit the headlines. This will ease a
bit this morning following news that the Portuguese budget was agreed at the
weekend - Focus this week will also be on the latest central bank
policy meeting. We look for the ECB to keep its main refinancing rate at 1%. - Preliminary Q3 GDP figures for the Eurozone are released
on the 12th November. Elsewhere in the Eurozone, this week sees the release
of final eurozone PMI data for both the manufacturing and services sector
- US GDP failed to meet expectations last week putting
further pressure on the Fed to Act. It is a heavy schedule this week aside
from the Feds meeting, we also have US employment report and US mid term
elections - Markets are expecting the Fed to announce upwards of
750bn of additional QE. Failure to do so will lead to unfavourable market
shifts - The pound hit a 2 week high against the dollar on Friday
gaining another cent to close above 1.60 as the Feds meeting draws closer
call me for a free quote.
Kris Charalambides
FX Brokerwww.imsfx.co.uk
Tel: 0207 183 2790
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