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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 |
