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Daily World Market Update
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Norway gives us all hope
Thu, Oct 29 2009, 12:26 GMT
by Jeremy Cook
All this and more is available on our video blog
Tired equity markets drifted lower over the day, fuelling safe haven demand for the Dollar and Yen, and pushing the riskier assets lower.
Fears about EU competition rules for banks saw European banking stocks slide, causing the euro to also struggle over the day. In the UK, Lloyds bank revealed it was considering raising further capital to shed itself of the state burden. Despite this gloom, the pound was in solid form, managing to reach well into the 1.11 levels against the euro, and holding pace with the advancing dollar.
Norway raised the flag for Europe, with its Central Bank the first in the region to lift interest rates. Norges Bank enacted a quarter percent rise to 1.5%, the decision falling in line with expectations, leaving the Krone largely unchanged.
The RBNZ held rates overnight at 2.5%, with Reserve Bank Governor Alan Bollard less bullish than his Australian counterparts on the recovery prospects in the of the domestic economy, noting there was no “urgency to begin withdrawing monetary policy stimulus”. The Kiwi slid after the decision; as did the Australian dollar after lower than expected inflation figures meant the chances of a further 50 point hike at the next rate meeting diminished.
Today sees the Q3 GDP figures released from the US, as well as initial jobless claims and consumption figures.
Latest Exchange Rates At Time Of Writing
| Indicative Rates | Sell | Buy |
| GBP/EUR | 1.1135 | 1.1161 |
| GBP/USD | 1.6423 | 1.645 |
| EUR/USD | 1.4734 | 1.4755 |
| GBP/JPY | 148.88 | 149.37 |
| GBP/AUD | 1.818 | 1.8229 |
| GBP/NZD | 2.2619 | 2.2675 |
| GBP/CAD | 1.7666 | 1.7772 |
| NZD/USD | 0.7243 | 0.7271 |
| GBP/ZAR | 12.86 | 12.9 |
| USD/ZAR | 7.81 | 7.785 |
| GBP/PLN | 4.7439 | 4.7725 |
| EUR/JPY | 133.52 | 133.95 |
Published on Thu, Oct 29 2009, 12:32 GMT
Archive
- 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 - Dollar Index slides to 15 month lows
Published On Tue, Nov 17 2009, 08:33 GMT - European Recession Is Over
Published On Mon, Nov 16 2009, 10:29 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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Currency Majors Technical Perspective by FXstreet.com Independent Analyst Team
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