Today's Interbank rates -
POUNDS TO US DOLLARS 1.6054
POUNDS TO EUROS 1.1865
POUNDS TO AUSTRALIAN DOLLARS 1.6006
EUROS TO US DOLLARS 1.3530
EUROS TO POUNDS 0.8427
EUROS TO AUSTRALIAN DOLLARS 1.3490
POUND HEADLINES:
- Today's economic calendar is a busy one with UK CPI inflation taking centre stage. The UK CPI numbers have the capacity to be a big market mover, particularly ahead of tomorrow's key Bank of England Inflation Report.
- It is expected higher food and energy prices to have lifted the annual CPI up from 3.7% to 4.0% in January, in line with the market consensus. The big uncertainty is how much of the VAT increase at the start of the year has already been passed on by retailers, and how this compares with the impact of the 2.5ppt VAT increase in January 2011.
- Looking ahead of the week we also have Unemployment, CBI Trends Total Orders and Retail sales figures
- Eurozone GDP Q4 figures were released this morning which have showed that both the French and German economies both grew in the fourth quarter of 2010, but by slightly less than expected.
- In Germany, the economy grew by 0.4% in the final three months of the year. For 2010 as a whole, the German economy grew by 3.6%
- The German ZEW survey will also be released later this morning. It is expected that this will show further signs of recovery.
- In the US the calendar is dominated by January retail sales and the February Empire manufacturing surveys. Robust improvements are forecast in both, further raising the upside risks to Q1 GDP.
- US President Obama has unveiled his 2012 budget, describing the proposal as a "down payment" on future cuts to the US budget deficit. The budget aims to cut $1.1tn from the US deficit over a decade.
- Towards the end of the week we have CPI and Philadelphia Fed Survey.
Kris Charalambides
FX Brokerwww.imsfx.co.uk
Tel: 0207 183 2790
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