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Daily World Market Update
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Australia Hikes Rates As Sterling Suffers On Bank News
Tue, Nov 3 2009, 11:28 GMT
by Jeremy Cook
All this and more is available on our video blog
It was as if last week never happened. Risk was bid as commodity currencies surged against the US dollar while volatile markets like copper and gold also moved higher. With the sheer volume of data out this week it was always going to be a strange 5 days; we’re more bemused than anything.
The RBA decided that a 25bps hike in rates was the prudent course of action for the Australian economy at this juncture. The accompanying statement was also a little more dovish than had been expected and as such AUD has softened a little overnight. The next major bank to publish its decision is the US Fed, due tomorrow night, before the Bank of England and ECB double whammy on Thursday.
Sterling was pressured lower as the correlation between it and the UK financial sector weighed. RBS and Lloyds Banking Group are bargaining with HM’s Government over balance sheet issues and taxpayer control which will see company sales in the former’s case and a £25bn rights issue in the latters’. I doubt GBP will get much support from the market before Bank of England; the risk is fairly evident. The UK manufacturing sector did surprise to the upside however; the PMI release coming in at 53.7 which happened to be the series’ 3rd highest reading in history and the sharpest increase in nearly 6 years.
Today is the quietest day of the week data-wise with only UK Construction PMI figure at 09.30 and US Factory Orders at 15.00
Latest Exchange Rates At Time Of Writing
| Indicative Rates | Sell | Buy |
| GBP/EUR | 1.1043 | 1.1068 |
| GBP/USD | 1.6292 | 1.6316 |
| EUR/USD | 1.4741 | 1.4762 |
| GBP/JPY | 146.74 | 147.07 |
| GBP/AUD | 1.8173 | 1.8217 |
| GBP/NZD | 2.2754 | 2.281 |
| GBP/CAD | 1.759 | 1.7625 |
| NZD/USD | 0.7147 | 0.7167 |
| GBP/ZAR | 12.86 | 12.91 |
| USD/ZAR | 7.88 | 7.82 |
| GBP/PLN | 4.727 | 4.7557 |
| EUR/JPY | 132.68 | 132.93 |
Published on Tue, Nov 3 2009, 12:53 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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