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EURO / GB POUND 0.7909
GB POUNDS / EURO 1.2643
BRITISH POUND / US DOLLAR 1.9469
EURO / US DOLLAR 1.5390
GB POUND / JAPANESE YEN 201.56
GBP/AUD 2.0710
GBP/NZD 2.5401
GBP/ZAR 14.8936
GBP/CHF 2.0404
GBP/CAD 1.9629
GBP/SGD 2.6679
GBP/THB 62.32
GBP/HKD 15.1769
Tuesday 02/01/2007
• US markets closed in Day of Mourning
• Euro starts 2007 on the front foot
• ECB’s Liikanen sees rates higher in 2007
• Dollar suffers in thin trade; Asian markets closed
• UK house prices most ‘overvalued for 15 years’
• Oil falls; mild US weather cited
US Dollar:
The US markets are closed today to observe a National Day of Mourning
for the funeral of former President
Gerald Ford. The minutes of the Fed’s December meeting have been
postponed until tomorrow, as
have data releases which were due today.
In a thin market the greenback suffered in early trade with stops being
triggered in the dollar-yen and
euro-dollar crosses.
Pound:
A report by Lombard Street Research (LSR) showed that house prices in
the UK are at their most overvalued
for 15 years. With unprecedented rises in household bills and rising
interest rates affordability
has fallen by 3% in the last nine months.
Prof Smith, Chair of the shadow MPC, sees rates at 6.25% in 2008 with
rates in excess of 5% through
2007 in an effort to slow inflation.
Euro:
The euro is set for another strong start in 2007 with ECB member
Liikanen kicking off the year with
more hawkish comments. Liikanen said that he saw rates higher in 2007,
supported by ECB’s Bini
Smaghi who said ‘rates must rise with growth’.
Investors will be looking for the ECB to pause if the euro-dollar cross
hits 1.4000.
General News:
• The Australian dollar strengthened overnight as investors started the
year buying up resource
stocks in anticipation of a strong global economy supporting high metal
prices in 2007. with the
markets also pricing in a 50:50 chance of a rate hike in Australia, the
dollar looks to be well supported.
• The Yen is still struggling to make any ground as the markets wait for
any signal of when the BoJ
will raise borrowing rates.
• Oil slid over the long weekend as mild US weather continued and the
violence anticipated following
Saddam Husseins’s execution failed to materialise. Current price is
$60.85.
Interbank
Updated 2nd January
GB POUNDS / US DOLLAR 1.9725 GB POUNDS / EURO 1.4854
EUR/USD 1.3276
GBP/JPY 233.74
GBP/AUD 2.4842
GBP/NZD 2.7792
GBP/ZAR 13.6740
GBP/CHF 2.3895
GBP/CAD 2.2950
GBP/SGD 3.0200
GBP/THB 69.1843
GBP/HKD 15.3428
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