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IMS FX MORNING REPORT for Thursday 23rd December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5393
POUNDS TO EUROS 1.1753
POUNDS TO AUSTRALIAN DOLLARS 1.5334

EUROS TO US DOLLARS 1.3097
EUROS TO POUNDS 0.8508
EUROS TO AUSTRALIAN DOLLARS 1.3046

POUND HEADLINES:

• The Bank of England's Monetary Policy Committee (MPC) has split three ways again over interest rates and quantitative easing (QE). Minutes of the MPC's December meeting showed that one of its none members again wanted QE to be expanded, while another continued his call for interest rates to rise to 0.75% from 0.5%.
• However, eight MPC members voted for both rates and QE to stay unchanged. The banks key interest rate has been kept at 0.5% since March 2009.
• The most recent figures showed that UK inflation - as measured by the consumer prices index (CPI) - rose to 3.3% in November from 3.2% in October. The CPI inflation rate has now remained above the governments 2% target by one percentage point or more for 12 months.

EURO HEADLINES:

• The Greek parliament has approved next years budget, bringing in sweeping austerity measures. The budget imposes more spending cuts and tax rises, as required by the European Union and the International Monetary Fund in exchange for a bailout to tackle the country's debts.
• Greece needed to approve the budget to continue to receive a $144bn bailout fund created by European countries and the IMF.
• France Producer Prices come in at 0.4% month-on-month and 4.5% year-on-year versus 0.4% month-on-month and 4.4% year-on-year expected. French Consumer Spending comes in much better at 2.8% month-on-month and 1.5% year-on-year.

US DOLLAR HEADLINES:

• The US economy grew at an annualised pace of 2.6% in the third quarter of 2010, slightly faster than the previous estimate of 2.5% figures yesterday revealed. However, the rate was lower than expectations. Last month, the Fed said it would pump $600bn into the economy. The policy, dubbed QE2 because it is the second round of quantitative easing , is designed to boost the economy's fragile recovery.
• US house price index month-on-month for October has risen 0.7% versus -0.2% expectation.
• Existing home sales for November has risen by 4.68 million versus 4.75 million expected. Sales were 4.43 million in October. And lastly, US existing home sales month-on-month for November rise 5.6% versus 7.1% expected. Sales have fallen 2.2% in October

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

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IMS FX MORNING REPORT for Wednesday 22nd December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5443
POUNDS TO EUROS 1.1764
POUNDS TO AUSTRALIAN DOLLARS 1.5475

EUROS TO US DOLLARS 1.3128
EUROS TO POUNDS 0.8517
EUROS TO AUSTRALIAN DOLLARS 1.3152

POUND HEADLINES:

• The pound took a nosedive yesterday during the morning
  session although did recover in later trade to close back up at 1.18. The
  drop came after some disappointing public sector net borrowing figures,
  however, the euro soon began to falter with rumours circulating about
  potential downgrades in Europe.
• The UK economy grew less than previously estimated
  between July and September, revised figures have shown. The Office for
  national Statistics said UK GDP expanded by 0.7% in the third quarter, down
  from its earlier estimate of 0.8%. It blamed the revisions on weaker growth
  in the construction, business services and manufacturing sectors.
• The Bank of England voted 1-7-1 to keep interest rates on
  hold at a record low of 0.5% and asset purchase plan at 200bn pounds. Posen
  kept his demand to increase the plan by a further 50bn pounds whilst
  Sentance voted to raise interest rates to 0.75%.

EURO HEADLINES:

• Following on from Frances scare on Monday, Moody's Credit
  Rating Agency said that they may downgrade Portugal if the country is unable
  to bring its books to order. This follows downgrades to both Ireland and
  Greece.
• German Import Price Index for November month-on-month
  comes in at 1.2% beating expectations of 0.5%. The year-on-year figure is
  10.0% higher than the expected 9.3%.
• Italian Consumer Confidence for December comes in at
  109.1 beating expectations of 108.3.

US DOLLAR HEADLINES:

• The Pound held its steady downward trend against the
  dollar yesterday following on from the weaker than expected high public
  borrowing figure currently trading below $1.55.
• Later today in the US we have third quarter GDP figures
  along with Existing Home sales. Tomorrow we have Durable Goods Orders and
  Personal Spending figures to cap off the week.
  

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

Buy and Sell Euros and Pounds Best Exchange Rates

IMS FX MORNING REPORT for Tuesday 21st December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5477
POUNDS TO EUROS 1.1762
POUNDS TO AUSTRALIAN DOLLARS 1.5536

EUROS TO US DOLLARS 1.3158
EUROS TO POUNDS 0.8501
EUROS TO AUSTRALIAN DOLLARS 1.3208

POUND HEADLINES:

• A very quiet day yesterday although the pound did manage
  to edge higher against the euro amid concern European nations will struggle
  to raise funds and as the Confederation of British Industry said the Bank of
  England will start raising interest rates within six months.
• The amount of new public sector borrowing hit a fresh
  record high in November, according to the Office for National statistics
  (ONS). The latest figures are likely to raise concerns about the governments
  efforts to reduce the UK's budget deficit.
• UK home sales fell in November as the property market
  showed little sign of fresh life at the end of the year. The most recent
  surveys from the Nationwide and the Halifax showed that prices fell in
  November compared with October.

EURO HEADLINES:

• Spain is slowly emerging from recession but needs to cut
  spending further and introduce labour market reforms.
• There has been much speculation recently that Spain might
  need to ask for financial assistance from fellow European Union (EU)
  Members. This follows the joint EU and International Monetary Fund (IMF)
  bail out of the Irish Republic agreed last month, and a similar package
  agreed with Greece earlier this year.
• German consumer confidence has slipped slightly as
  expectations grow that the country's strong recovery will moderate next
  year. This follows from a separate survey carried out last week which
  suggested German business confidence was at a fresh, 20 year high. Germany
  is driving the eurozone's fragile economic recovery.

US DOLLAR HEADLINES:

• Price movements yesterday were minimal, with many
  investors on the sidelines until the new year. It is expected to remain
  quiet until year end.
• Japan has kept its key interest rate at between zero and
  0.1% as policymakers continue to try to bolster the country's fragile
  economic recovery.
• Japan has been suffering from a strong yen, weak exports
  and almost two years of falling prices.

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

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IMS FX MORNING REPORT for Monday 20th December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5542
POUNDS TO EUROS 1.1821
POUNDS TO AUSTRALIAN DOLLARS 1.5700

EUROS TO US DOLLARS 1.3342
EUROS TO POUNDS 0.8456
EUROS TO AUSTRALIAN DOLLARS 1.3284

POUND HEADLINES:

• The CBI has downgraded its forecast for UK economic growth in the first quarter of 2011. The employers group expects growth of 0.2%, down from 0.3%, as public sector job losses and higher-than-expected inflation slow the economic recovery.
• The CBI also expects the Bank of England to start raising interest rates from the spring of next year. However, it does not see the UK falling back into recession, and predicts second quarter 2011 growth of 0.4%.
• Mortgage lending fell 5% in November compared with the previous month and was 10% down on a year ago, lenders say. Gross mortgage lending stood at an estimated £11.1bn - the lowest figure since April, the Council of Mortgage Lenders (CML) said.

EURO HEADLINES:

• The European Central Bank has expressed concerns that the Irish Republics 85bn euro bail-out package could affect its ability to provide further support to eurozone members. On Friday, credit rating agency Moody's cut sharply the Republics debt rating.
• November German PPI data are forecast to show a fourth successive rise in the annual rate, with a reading of 4.6% marking a two-year high. The upward pressure largely reflects external factors, with import prices (dueout on Wednesday) rising at around twice that pace, buoyed buy higher energy prices and the softer euro.
• In trading this morning, the ongoing concerns of credit downgrades and concerns from ECB president Trichet are serving as catalysts to keep the single currency pressured.
  

US DOLLAR HEADLINES:

• The pound briefly fell to a three-month low against a broadly stronger US dollar at the end of last week following an announcement from Lloyds TSB.
• Adding to dollars strength, the market remained concerned that the ECB has not done enough to prevent the eurozone crisis spreading.
• It is expected that the dollar positive environment will remain the dominant theme in this Christmas week with a potential drop in euro/dollar likely to drag this pair lower.

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

IMS FX MORNING REPORT for Friday 17th December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5634
POUNDS TO EUROS 1.1718
POUNDS TO AUSTRALIAN DOLLARS 1.5821

EUROS TO US DOLLARS 1.3342
EUROS TO POUNDS 0.8533
EUROS TO AUSTRALIAN DOLLARS 1.3501

POUND HEADLINES:

• The continuing financial problems in the eurozone pose a
  threat to UK banks, the Bank of England has warned. In its latest
  half-yearly financial stability report, it called for stringent new tests on
  the strength of European lenders.
• The Bank of England is concerned about the continuing
  debt situation in the eurozone - the 16 nations that share the euro -
  because UK banks have substantial investments in may of those countries.
• The pound did take a boost yesterday following UK retail
  sales data rising to 0.3% in November broadly in line with expectations.

EURO HEADLINES:

• The German IFO survey of business sentiment is the pick
  of the day. Following the unexpectedly sharp rise in the headline index last
  month to 109.3, the forecast for December is for a modest pullback to 109.0,
  with both current conditions and expectations components slipping back.
• EU leaders have agreed to set up a permanent mechanism to
  bail out any member state whose debt problems threaten the 16 nation
  eurozone. This year Greece and the Irish republic have received emergency
  bail-outs.
• The IMF has approved a three-year loan of 22.5bn euro's
  for the Republic of Ireland. The Funds form the first part of the IMF's
  contribution to the EU and IMF rescue package totalling 85bn euro's being
  received by the Irish Republic.

US DOLLAR HEADLINES:

• In the US, the Conference Board leading economic
  indicators will provide further evidence of the strength of the recovery.
  Markets are looking for a 1.1% rise in the index in November, the strongest
  monthly rise since March.
• The release will be on the back of a stronger than
  expected Philly Fed survey yesterday which helped push 10-year treasury
  yields to a 7 month high.
• However, it is expected movements may be exaggerated by
  thin volumes and that economic fundamentals, especially low inflation, do
  not support the sharp back-up in yields seen in recent sessions.

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

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IMS FX MORNING REPORT for Friday 10th December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5817
POUNDS TO EUROS 1.1939
POUNDS TO AUSTRALIAN DOLLARS 1.6044

EUROS TO US DOLLARS 1.3239
EUROS TO POUNDS 0.8372
EUROS TO AUSTRALIAN DOLLARS 1.3430

POUND HEADLINES:

• The Bank of England's Monetary Policy Committee (MPC) has
  kept UK interest rates on hold at 0.5%, and unveiled no new QE measures.
  Both decisions were expected, but it will not be clear whether they were
  unanimous until the minutes of the meeting are released.
• The UKs trade deficit in goods and services widened in
  October, the latest official figures from the Office for National Statistics
  (ONS) have shown. The deficit - the difference between what the UK exports
  and imports - grew to £3.9bn from £3.8bn in September.
• UK producer prices are also published today, where we
  look for a 0.5% month-on-month increase to leave the annual rate at 4.2%.
  Monday next week we have Rightmove house price data.

EURO HEADLINES:

• In the Eurozone, October industrial production data out
  of both France and Italy is scheduled, along with Greece. this follows good
  news earlier this week from Germany, where production expanded by a hefty
  2.9% month-on-month the strongest reading since May.
• German wholesale price index for November month-on-month
  comes in at 0.7% bouncing back from Octobers -0.3% reading.
• Sterling finished yesterday slightly lower against the
  euro following on from the days Halifax house price survey coming in lower
  than expected at -0.1%. Sterling/Euro spent most of the day trading back and
  forth within a tight range.

US DOLLAR HEADLINES:

• Following this mornings release of Chinas trade balance
  for November, today sees a variety of releases in the US. We have the US
  trade balance and import prices as well as Decembers preliminary Michigan
  consumer confidence survey is also published.
• Rather similar to pound/euro yesterday, sterling had its
  ups and downs against the dollar, closing the day half a per cent down again
  over fears on the state of the UK economy.
• On Tuesday next week we have US retail sales data.

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

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IMS FX MORNING REPORT for Thursday 9th December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5767
POUNDS TO EUROS 1.1940
POUNDS TO AUSTRALIAN DOLLARS 1.6038

EUROS TO US DOLLARS 1.3204
EUROS TO POUNDS 0.8374
EUROS TO AUSTRALIAN DOLLARS 1.3432

POUND HEADLINES:

• During a very quiet day in terms of economic releases elsewhere, the focus today is primarily on the UK where the Bank of England announces the policy decision of its latest monthly meeting and the ONS publishes the trade figures for the month of October.
• The MPC is fully expected to leave both the level of the Bank Rate and the size of the QE program unchanged this month. However, as the November Inflation Report made clear, the upside risks to inflation have risen over the past year, with higher food and energy prices, and the upcoming rise in VAT, likely to keep inflation above 3% through early 2011.
• UK house prices have continued to slip, falling by 0.1% in November from the previous month, the Halifax have said. Sluggish demand and a higher number of properties for sale had pushed down prices, it said.

EURO HEADLINES:

• A quiet session for the EUR yesterday in London in spite of the sharp rises in yields, in part because this has taken the focus off EU periphery issues for the moment. There is little on the calendar to excite the market today, so the focus is likely to remain on equities and their reaction to higher yields. Reasonable resilience so far suggests support for the EUR below 1.32 will remain.
• German CPI for November comes in as expected at 0.1%. The year-on-year figure also met forecasts coming in at 1.5%
• German Industrial Production for October month-on-month came back yesterday at 2.9% beating expectations of 1.0%. The year-on-year figure is 11.7% beating expectations of 10.0%.

US DOLLAR HEADLINES:

• Rises in US yields continued yesterday into the US auction, which is part of the explanation for the sharp rise in yields this week, though the Obama tax cuts and market positioning after the employment report have also had an influence. In the end, the Fed’s QE seems likely to prevent the rise in yields extending far from here, and the Fed will be keen to try and prevent such a move. But in any case, the rise in yields elsewhere means the impact on the USD is unlikely to be dramatic.
• In early trade yesterday there was solid demand for the dollar as the market focused in on highertreasury yields therefore having lost ground in early trade, sterling rallied up to a fresh two-week high
  against the US dollar yesterday as data impressed.

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

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IMS FX MORNING REPORT for Wednesday 8th December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5716
POUNDS TO EUROS 1.1896
POUNDS TO AUSTRALIAN DOLLARS 1.6045

EUROS TO US DOLLARS 1.3211
EUROS TO POUNDS 0.8406
EUROS TO AUSTRALIAN DOLLARS 1.3487

POUND HEADLINES:

• In the UK, the CBI Industrial trends survey is expected
  to show an improvement in the total orders balance to -10 (consensus -13) in
  December from -15. The latest manufacturing PMI was surprisingly strong,
  boosted by a jump in new orders component in particular, but also by
  stronger output and employment growth.
• Other than yen, sterling is more than 10% below its fair
  value against CAD, EUR, NZD and CHF. The misvaluation against the Kiwi
  dollar is the largest at 14%.
• The UKs manufacturing output grew by 0.6% in October, the
  fastest pace since March. The growth was twice as fast as analysts had
  expected, and the figure comes a day after an industry body said the sector
  was "powering ahead".

EURO HEADLINES:

• Germany data today are expected to confirm the country's
  considerable economic momentum at present, with signs that the traditionally
  strong areas of production & export are leading to a revival in domestic
  demand. German industrial numbers are also due.
• EU banks will have to face a second, tougher round of
  stress tests from February next year. The new tests will be more rigorous
  and even more comprehensive.
• The toughest budget in the Republic of Irelands history
  has narrowly passed its first parliamentary vote. It came after finance
  minister Brian Lenihan laid out government plans for a shake-up of the
  income tax system and hefty benefit cuts in his 2011 budget.

US DOLLAR HEADLINES:

• Some 58% of Americans expect the US housing market to
  stay depressed for two or more years. The findings by property websites
  Trulia and Realty Trac come as house prices have begun falling again.
• A quiet day ahead in the US calendar, but tomorrow we
  have US Trade balance and Uni of Michigan confidence survey.
• The pound neared a two-week high against the US dollar
  yesterday as an improved risk environment, led by stronger equities, dulled
  demand for the safe-haven.

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

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IMS FX MORNING REPORT for Tuesday 7th December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5785
POUNDS TO EUROS 1.1817
POUNDS TO AUSTRALIAN DOLLARS 1.5868

EUROS TO US DOLLARS 1.3358
EUROS TO POUNDS 0.8462
EUROS TO AUSTRALIAN DOLLARS 1.3428

POUND HEADLINES:

• Disagreement between Eurozone ministers yesterday put
  further pressure on the euro, allowing the pound to push back above 1.18
  where it is continuing to hold this morning. GBP has so far failed to really
  take advantage of the combination of weaker US data and Eurozone problems,
  but certainly looks preferable to both the Euro and Dollar after the last
  few days.
• UK manufacturing production for October month-on-month
  has come back at 0.6% beating expectations of 0.3%. The year-on-year figure
  is 5.8% beating expectations of 5.4%.
• UK industrial Production for October month-on-month comes
  in at -0.2% missing expectations of 0.3%. The year-on-year figure is 3.3%
  missing expectations of 3.9%.
  

EURO HEADLINES:

• The Eurozone's financial safety net is large enough for
  now, a meeting of the groups finance ministers said. Jean-Claude Juncker,
  said the 750bn euro backstop was the right size.
• The Irish Republic will take further steps to address its
  economic problems with more detail on its four-year budget plans later on
  Tuesday afternoon.
• The pound did make half a cent gain against the euro
  yesterday following disagreements between EU finance ministers fuelling
  fears that the debt crisis will remain unresolved in the short term.

US DOLLAR HEADLINES:

• Euro weakness is continuing to spur a stronger dollar but
  comments from Fed Chairman Bernanke have eased demand for the US Dollar. In
  a speech yesterday Bernanke said that the Fed may expand bond purchases
  beyond the $600bn announced last month to spur growth.
• Bernanke added that a return to recessions "doesn't seem
  likely," but this has not stopped the dollar dropping slightly this morning.
• The USD looks likely to move with risk appetite today,
  given no significant US news on the calendar.

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

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IMS FX MORNING REPORT for Monday 6th December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5683
POUNDS TO EUROS 1.1800
POUNDS TO AUSTRALIAN DOLLARS 1.5891

EUROS TO US DOLLARS 1.3290
EUROS TO POUNDS 0.8474
EUROS TO AUSTRALIAN DOLLARS 1.3471

POUND HEADLINES:

• The recent run of reasonably upbeat data continued last
  week with the latest industry PMI's pointing to ongoing economic recovery.
  If the manufacturing PMI is to be believed, business activity in this sector
  is currently running at its strongest pace since 1994. Services and
  Construction activity are also holding up well.
• While the MPC meeting dominates this weeks calendar,
  there are a number of key economic releases due. The highlights include the
  latest industrial production, external trade & produce price data.
• GBP underperformed on Friday but looks very well
  supported against the USD at this point as long as UK numbers continue to
  impress.

EURO HEADLINES:

• The ECB has ensured a recovery in European peripheral
  bonds, and we will see how much buying this required in today's data.
• Tomorrow's Irish budget is also in focus as Fine Gael is
  now uncertain to abstain. More talk of Euro bonds may receive further
  comment around the EU finance ministers this afternoon.
• Any EU recovery looks fragile strength until there is
  much greater confidence in the stability of Eurozone periphery credit.

US DOLLAR HEADLINES:

• Dollar weakness was the theme on Friday as the much
  anticipated US non-farm payrolls disappointed expectations, ramping up fears
  about the economic recovery.
• In the US today, Richmond Fed President Jeffrey Lacker
  speaks on the subject of the economic outlook in a speech to be delivered in
  North Carolina.
• The US unemployment rate rose to 9.8% in November, the
  highest rate since April raising fears about the country's economic
  recovery.

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

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IMS FX MORNING REPORT for Friday 3rd December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5671
POUNDS TO EUROS 1.1817
POUNDS TO AUSTRALIAN DOLLARS 1.5960

EUROS TO US DOLLARS 1.3261
EUROS TO POUNDS 0.8462
EUROS TO AUSTRALIAN DOLLARS 1.3506

POUND HEADLINES:

• Following yesterdays focus on the ECB press conference,
  attention today shifts to the release of the UK services PMI.
• Earlier this week, the UK manufacturing PMI surged to a
  16 year high of 58.0 in November, adding to hopes that the economy is
  starting to rebalance away from domestic consumption in favour of exports.
  The services PMI survey, however, is a more important gauge of overall
  economic prospects than the manufacturing survey, given the relative size of
  the sector.
• UK PMI services for November comes in at 53.0 marginally
  missing expectations of 53.2.

EURO HEADLINES:

• During yesterdays ECB conference Trichet refused to
  commit the ECB to any specifics on peripheral bond purchases, but the ECB
  did buy aggressively yesterday & this may halt the sell off for the
  foreseeable future.
• Eurozone PMI services for November comes in at 55.5
  marginally beating expectations of 55.4
• However, German PMI services for November have come back
  at 59.2 beating expectations of 58.6 whilst Italian PMI services for the
  same month has also come back higher at 54.5 blowing past expectations of
  51.4. French PMI has come back lower than expected.

US DOLLAR HEADLINES:

• The USD was sold off aggressively yesterday helped by a
  rally in EU periphery debt and a general rally in risk. If this is sustained
  through the employment report today, the USD could well see further losses
  against the risk positive currencies, as there is now limited scope for
  further rises in US yields.
• This afternoon market attention will be on the US
  employment report. After a stronger than expected 151k jobs created in
  October - the first gain in five months - hopes are high for a similar
  outturn in November.

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

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IMS FX MORNING REPORT for Thursday 2nd December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5638
POUNDS TO EUROS 1.1840
POUNDS TO AUSTRALIAN DOLLARS 1.6154

EUROS TO US DOLLARS 1.3207
EUROS TO POUNDS 0.8445
EUROS TO AUSTRALIAN DOLLARS 1.3643

POUND HEADLINES:

• The UK's manufacturing sector grew at its fastest rate
  for 16 years in November. The PMI climbed to 58, compared with a revised
  rate of 55.4 in October which was well ahead of analysts expectations. The
  figure was boosted by record growth in manufacturing jobs which helped
  compile the survey.
• Sterling slipped against the euro yesterday following the
  Portuguese bond auction receiving high demand. The government auction of 12
  month bills attracted bills for 2.5 times the amount offered.
• UK PMI construction for November comes in at 51.8 beating
  expectations of 51.30

EURO HEADLINES:

• Today's key event is the ECB council meeting, where
  markets will be watching out for ECB President Jean-Claude Trichet's latest
  assessment of its 'non-standard' policy stimulus measures
• We also have the second estimate of eurozone Q3 GDP
  published today, where it is expected there will be an unrevised outturn of
  +0.4% quarter-on-quarter.
• It is expected that euro strength will be short lived.
  The so called 'GIPSI' countries (Greece, Ireland, Portugal, Spain and Italy)
  are still very much on the markets radar and investors will be watching
  closely for any hint from Trichet that the ECB plans to extend
  'non-standard' stimulus measures.

US DOLLAR HEADLINES:

• Yesterdays data from the US struck a positive note with
  the institute for Supply Managements Factory Index showing US manufacturing
  expanded for a 16th straight month in November, whilst an employment agency
  revealed a boost in payrolls.
• In the US today we have the latest weekly US jobless
  claims data, along with pending house sales for October.

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

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IMS FX MORNING REPORT for Wednesday 1st December 2010

Today's Interbank rates -

POUNDS TO US DOLLARS 1.5628
POUNDS TO EUROS 1.1960
POUNDS TO AUSTRALIAN DOLLARS 1.6222

EUROS TO US DOLLARS 1.3066
EUROS TO POUNDS 0.8361
EUROS TO AUSTRALIAN DOLLARS 1.3563

POUND HEADLINES:

• Sterling has remained well supported as the market
  focuses on the Euro problems, but been very data dependant at present weak
  UK data could derail GBP, with PMI today a potential risk in relative terms.
• Nationwide have confirmed that house prices have fallen
  again in November. The average price has dropped by another 0.3% to leave it
  just 0.4% higher than a year ago. The continued drop in house prices was the
  fourth drop in the past 5 months.
• In the UK, this week sees the release of the PMI surveys
  where we look for some moderation across the manufacturing, construction &
  services sectors.
  

EURO HEADLINES:

• Market attention continues to focus on the developments
  in the Eurozone, but data-wise the calendar is very light today with only
  the final estimate of manufacturing PMI due for release. Looking ahead, the
  highlight this week will be ECB press conference on Thursday where the
  markets will scrutinise President Trichets comments on the ECB liquidity
  framework.
• The euro remains near eleven month lows against the US
  dollar as European debt concerns continue to focus on Portugal. Today the
  Portuguese government are due to auction 500 million euro's of bonds later
  and analysts will be waiting to see the extent of market interest. It comes
  a day after ratings agency Standard & Poor's placed Portugal on credit watch
  due to the country's huge debts.
• Eurozones unemployment rate hit 10.1% in October as
  jobless rates rose in Italy, France & Germany. Stats have confirmed that the
  rate was the highest since July 1998. Inflation for the eurozone has
  remained unchanged at 1.9% in November with 2.0% been the target rate.

US DOLLAR HEADLINES:

• USD strength continued yesterday helped by more by
  problems in Europe than strong US data, but with US yields generally still
  holding up better than yields elsewhere, its hard to turn USD negative at
  this point.
• US house prices fell again in September at a quicker than
  expected rate. Prices were down 0.8% from the previous month on a seasonally
  adjusted basis. A tax credit for homebuyers expired in April, leading to a
  steep drop in home sales over the summer.
• In the US, the highlights of the day are the
  manufacturing ISM index and, ahead of Fridays non-farm payrolls, the ADP
  employment report.
  

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