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.
- 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.
- 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.
call me for a free quote.
Kris Charalambides
www.imsfx.co.ukTel: 0207 183 2790
No comments:
Post a Comment