Euro Pounds Brief Tuesday 05/12/2006

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Tuesday 5/12/2006


• Dollar consolidation ahead of data
• Euro-dollar cautious, awaits ECB
• UK Retails Sales drop in November
• European and UK PMI data due out today
• Bank of Canada rate decision at 1400 GMT
• Oil supported ahead of OPEC

US Dollar:


The dollar underwent a period of consolidation against the pound and the euro yesterday after its dramatic
slide. With the dollar still hovering near 20-month lows against the euro and 14-year lows
against the pound the speed of the greenback’s fall has raised concerns that the sell-off may have been
overdone.
Today US data consists of the Red Book average, ISM’s non-manufacturing index and new Factory orders.
With non-farm payrolls due Friday traders will be very cautious.

Pound:


Sterling was dented with the release of the British Retail Consortium’s Retails Sales figures showing
growth at the lowest rate in eight months. Most of the slowdown has been accredited to unseasonably
warm weather.
Today at 0930 GMT the PMI data is released with the markets expecting to edge higher to 58.8.
Bank of New York’s news that they had bough Mellon Financial did not bode well for the UK job market
as most daily newspapers forecast job losses as a result.


Euro:


PMI data due out at staged intervals from the member states this morning with an averaged figure due
out at 1000GMT. Markets are still wary ahead of the ECB’s rate decision this week.
General News:
• Today at 1400 GMT the Bank of Canada release their latest rate decision with the bank expected
to keep rates on hold at 4.25%.
• The Australian trade figures showed that the deficit had contracted by 9.0%.
• A good day for the equity markets yesterday as Wall Street posted firm gains. Dow Jones rose
89.70 to close at 12,283.80.
• Oil remained supported at $62.37 with no external data driving the market and traders awaiting
OPEC’s decision on cutting production.

Inter-bank
Updated 05/12/2006
 
GB POUNDS / US DOLLAR 1.9751
GB POUND / EURO 1.4834
EUR/USD 1.3311
GBP/JPY 226.85
GBP/AUD 2.5054
GBP/NZD 2.8739
GBP/ZAR 14.0579
GBP/CHF 2.3610
GBP/CAD 2.2528
GBP/SGD 3.0407
GBP/THB 70.396
GBP/HKD 15.3516

 

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