Euro Pounds Brief Wednesday 8/11/2006

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Wednesday 13/12/2006


• The FTSE 100 is forecast to open roughly 10 points lower at 6,148 after finishing yesterday's session down
3.4 points at 6,156.4
• Across the Atlantic, Wall Street pulled back Tuesday, finishing slightly lower as investors grappled with an
economic assessment by the Federal Reserve that warned yet again of inflation risks and reported a
substantial slowing of the housing sector.
• The statement, which accompanied the Fed's widely expected decision to keep the nation's benchmark
interest rate unchanged at 5.25 percent, left open the possibility that the central bank might raise rates if
inflation accelerates.
• That disappointed some investors who were hoping for signs that the Fed was moving toward cutting rates.
• The Dow Jones industrial average was down 12.90, or 0.10 percent, at 12,315.58. Earlier in the day, it fell
more than 76 points.
• In Asia, Japan's Nikkei 225 closed up 55.15 points at 16,692.93 while in Hong Kong the mood was not so
buoyant with the Hang Seng ending the morning down 277.68 points at 18,629.49.
• In oil play, OPEC price hawks are urging new production cutbacks, but other members are balking,
signalling tough discussions ahead when oil ministers gather Thursday for their last price and policy
meeting of the year.

USA


Figures out Today:
• 13:30 US Retail sales, %m/m Nov Prev -0.4 vs Exp 0.2
• 15:00 US Business inventories, %m/m Oct Prev 0.4 vs Exp 0.4
• The Fed left the key Funds rate unchanged at 5.25% for the 4th time in a row last night, as widely expected,
and while the accompanying statement maintained that upside inflation risks are still more of a concern than
weaker growth there were a few subtle changes in the text, which appear a bit more dovish. The housing
slowdown is now described as "substantial", while recent mixed data was acknowledged before the f/c that
the economy is expected to grow at a moderate pace.

Europe:


Figures out Today:
• 07:00 GE CPI, %m/m Dec Prev -0.1 vs Exp -0.1
• 07:00 GE HICP, %m/m Dec Prev -0.1 vs Exp -0.1

UK:


Figures out Today:
• 09:30 UK Claimant count rate, % Nov Prev 3.0 vs Exp 3.0
• 09:30 UK Average earnings, 3m %y/y Oct Prev 3.9 vs Exp 4.0
• On the economics front, the UK labour market is seen continuing the way it has been over the past few
months, with the number of Britons making claims for jobseekers' allowance continuing to rise, although
more people are also being employed.
• The claimant count figure for November is seen rising by another 3,000 after the 1,200 rise the previous
month.
• Another key focus for the markets today will the results of Chancellor of the Exchequers, Gordon Brown's
appearance before the Treasury Select Committee, due at 9.15 am. The outcome could point to yet another
rise in interest rates.
 

Inter-bank
Updated 13/12/2006
 
GB POUNDS /US DOLLAR 1.9592
GB POUND / EURO 1.4850
EUR/USD 1.3265
GBP/JPY 230.89
GBP/AUD 2.4997
GBP/NZD 2.8492
GBP/ZAR 13.7850
GBP/CHF 2.3692
GBP/CAD 2.2695
GBP/SGD 3.0354
GBP/THB 69.477
GBP/HKD 15.3250

 

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