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Daily World Market Update
9
0
"They sicken of the calm, who know the storm"
Tue, Jul 14 2009, 08:56 GMT
by Jeremy Cook
All this and more is available on our video blog
Yesterday was a day of positioning. In the moments before a storm ships are brought into harbour, hatches are battened down and tales are told of the last time a squall this big blew through this town. In financial markets this was characterised by market participants becoming aware of their surroundings and what outcome will be born of particular circumstances.
FX markets will be driven by equity markets over the coming sessions; data, unless particularly forward looking, will not be able to stem the tide should the levees surrounding risky assets break. As we said last week it'll be the major corporations and the financials that are the ones to watch: Goldman, Bank of America, Citibank, GE and AIG would have 2 years ago made up a safe yet dynamic portfolio. Now they are, maybe Goldman excepted, dogs of the mangiest coat. A fairly bearish pricing season has already been priced in however traders will use any excuse at the moment to push USD and JPY into stronger positions at the expense of riskier assets.
We have had a rally overnight with banking interests in particular higher after Merideth Whitney, a prominent banking analyst, upgraded a couple of stocks. Natural resource shares were also higher as commodity prices halted their recent declines and oil stabilised.
The data calendar is busy today. RICS House Prices and BRC have already supported GBP overnight (House price balance improving to -18.1 from -43.8, the best reading since September 2007 and retail sales up 1.4%). UK inflation figures are due at 09.30 which we hope to be broadly supportive. European ZEW should be weak while retail sales from the UK are expected at 0.5%.
Latest Exchange Rates At Time Of Writing
| Indicative Rates | Sell | Buy |
| GBP/EUR | 1.1632 | 1.166 |
| GBP/USD | 1.627 | 1.6296 |
| EUR/USD | 1.3972 | 1.3993 |
| GBP/JPY | 151.16 | 151.65 |
| GBP/AUD | 2.0716 | 2.0765 |
| GBP/NZD | 2.572 | 2.5779 |
| GBP/CAD | 1.8722 | 1.8781 |
| NZD/USD | 0.631 | 0.6337 |
| GBP/ZAR | 13.27 | 13.33 |
| USD/ZAR | 8.14 | 8.19 |
| GBP/PLN | 5.076 | 5.1047 |
| EUR/JPY | 129.9 | 130.17 |
Published on Tue, Jul 14 2009, 10:10 GMT
Archive
- Dollar's Day of Data; GDP, Consumer Confidence, Fed Minutes
Published On Tue, Nov 24 2009, 08:39 GMT - Volatile Week Ahead
Published On Mon, Nov 23 2009, 08:57 GMT - Pound Idles Lower
Published On Fri, Nov 20 2009, 10:59 GMT - BOE Minutes see the pound weaken
Published On Thu, Nov 19 2009, 09:26 GMT - Pound Gets Inflation Boost Before BOE Minutes
Published On Wed, Nov 18 2009, 10:09 GMT
World First UK Ltd
| Regent House, 16-18 Lombard Road, London, SW11 3RB
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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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