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Daily World Market Update
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Risky Currencies, Assets Hurt By Jobs Data
Fri, Jul 3 2009, 08:41 GMT
by Jeremy Cook
All this and more is available on our video blog
Yesterday was dominated by US jobs data with the morning's trading taking on a stagnant air as traders waited for the release. The afternoon was bearish as it became clear that 467,000 jobs were lost in the month of June in the US, a loss similar to the entire population of Liverpool. Risk appetite pulled back and aversion dominated with equity markets falling lower.
The ECB held rates at 1% as we expected and the 'post-match' press conference was a damp squib. The euro fell off against both sterling and the US dollar as European unemployment data disappointed. Joblessness is now sitting at 9.5%; a ten year high and is likely to continue rising.
Construction PMI, unlike Manufacturing PMI yesterday, moved lower posting a figure of 44.5 against a consensus of 45.9. This moved sterling lower as a lot of analysts, myself included, believe that a return of housing market strength is needed for a sterling recovery.
Latest Exchange Rates At Time Of Writing
| Indicative Rates | Sell | Buy |
| GBP/EUR | 1.1668 | 1.1697 |
| GBP/USD | 1.6345 | 1.6371 |
| EUR/USD | 1.3993 | 1.4014 |
| GBP/JPY | 156.82 | 157.3 |
| GBP/AUD | 2.0469 | 2.0519 |
| GBP/NZD | 2.5823 | 2.5891 |
| GBP/CAD | 1.8942 | 1.9002 |
| NZD/USD | 0.6313 | 0.6337 |
| GBP/ZAR | 12.88 | 12.93 |
| USD/ZAR | 7.86 | 7.92 |
| GBP/PLN | 5.08 | 5.1077 |
| EUR/JPY | 134.35 | 134.6 |
Published on Fri, Jul 3 2009, 08:48 GMT
Archive
- Bank of England Opt For A Swift Half
Published On Fri, Nov 6 2009, 08:35 GMT - Judgement Day For Sterling
Published On Thu, Nov 5 2009, 08:46 GMT - Banks Dive Lower With Sterling Volatile Before BOE
Published On Wed, Nov 4 2009, 11:50 GMT - Australia Hikes Rates As Sterling Suffers On Bank News
Published On Tue, Nov 3 2009, 11:28 GMT - Risky Assets Continue To Fall After CIT Chapter 11
Published On Mon, Nov 2 2009, 09:03 GMT
World First UK Ltd
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Legal disclaimer and risk disclosure
Disclaimer: The comments put forward by World First are only our views and should not be construed as advice. You should act using your own information and judgement. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. Any rates given are “interbank” ie for amounts of £5million and thus are not indicative of rates offered by World First for smaller amounts.Related reports
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