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Markets are moving to a position of ‘risk off’ this week with the sheer weight of event risk that we will have to negotiate. The number of central bank announcements alone mark this weekend as a minefield.
Friday saw risk continue to be sold off in large chunks with the dollar benefiting from the safe haven demand. Equity markets did not help with the FTSE 100 falling by the most in a week since March.
Overnight another US bank has applied for bankruptcy. CIT Bank have long been in a period of trouble with such an event long on the cards. This risk has seen the JPY strengthen on aversion grounds.
Ahead this week we have rate decisions from the US, Australia, UK, the EU, Romania, Peru, the Philippines and Egypt but today we have manufacturing PMI from both the UK and Germany and ISM manufacturing from the US.
Latest Exchange Rates At Time Of Writing
| Indicative Rates | Sell | Buy |
| GBP/EUR | 1.1075 | 1.1098 |
| GBP/USD | 1.6352 | 1.6376 |
| EUR/USD | 1.4751 | 1.4772 |
| GBP/JPY | 147.26 | 147.79 |
| GBP/AUD | 1.808 | 1.8126 |
| GBP/NZD | 2.2703 | 2.2758 |
| GBP/CAD | 1.7668 | 1.7724 |
| NZD/USD | 0.7193 | 0.7207 |
| GBP/ZAR | 12.86 | 12.91 |
| USD/ZAR | 7.85 | 7.89 |
| GBP/PLN | 4.7008 | 4.7278 |
| EUR/JPY | 132.98 | 133.24 |
