Euro Pounds Daily brief Tuesday 14 November 2006

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Tuesday 14/11/2006


• US dollar holds position ahead of data
• German GDP/Consumer prices lose strength
• Japan growth unexpectedly high
• UK markets await consumer and retail price indices
• Copper leads metal sell-off
• Oil continues to slide


US Dollar:


The dollar is treading water against most of the majors ahead of a data filled week. This afternoon
(1330 GMT) we are expecting the Producer Price Index to come in slightly lower than last month due to
falling energy prices.
In addition the Federal Open Market Committee release the minutes of their October rate setting
meeting at 1900 GMT. The markets will be looking in any change of vocabulary to indicate the future
path of interest rates.


Pound:


This morning (0930 GMT) sees the release of the inflation figure for October as well as the retail price
index. Analysts are split over the inflation figure with some predicting a rise due to university tuition
fees and feed through from previously high energy prices whilst some are looking for the figure to slip
with the current energy price slide.


Euro:


Euro picked up some support yesterday from ECB member Liikanen as he stressed that price pressures
remain ‘to the upside’.
This morning German GDP and CPI figures have come out weaker than expected. The CPI dropped as a
result of falling fuel prices according the German Statistics Office, meanwhile GDP growth dropped by
0.5% in the three months ending September.
At 1000 GMT the German ZEW figure is released which may have an effect on markets.


General News:


• Japanese growth grew at an unexpectedly fast rate in the third quarter, revived by interest rates
may rise as early as before 2007. Growth was 0.5% higher than in Q2.
• Metal prices fell sharply yesterday as copper prices tumbled due to increasing global stockpiles.
The fall in copper prices also triggered a sell-off in the zinc, aluminium, nickel and tin prices.
• Falling metal prices caused the FTSE 100 to slip late on.
• Oil again slipped in trade on Monday as technical trading continues. Currently trading $59.71

GB POUNDS/US DOLLAR 1.9020
GB POUNDS / EURO 1.4831
EUR/USD 1.2825
GBP/JPY 223.84
GBP/AUD 2.4850
GBP/NZD 2.8766
GBP/ZAR 13.7750
GBP/CHF 2.3633
GBP/CAD 2.1617
GBP/SGD 2.9603
GBP/THB 69.271
GBP/HKD 14.8099

 

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