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.
- 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
Tel: 0207 183 2790
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