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Risky Currencies, Assets Hurt By Jobs Data

Fri, Jul 3 2009, 08:41 GMT
by Jeremy Cook

World First UK Ltd


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 1.16681.1697
GBP/USD 1.63451.6371
EUR/USD 1.39931.4014
GBP/JPY 156.82157.3
GBP/AUD 2.04692.0519
GBP/NZD 2.58232.5891
GBP/CAD 1.89421.9002
NZD/USD 0.63130.6337
GBP/ZAR 12.8812.93
USD/ZAR 7.867.92
GBP/PLN 5.085.1077
EUR/JPY 134.35134.6


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World First UK Ltd  | Regent House, 16-18 Lombard Road, London, SW11 3RB
http://www.worldfirst.com/ | enquiries@worldfirst.com

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.

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