Euro Pounds Daily brief Thursday 14/12/2006

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Thursday 14/12/2006


• Yesterday’s strong US retail sales numbers provided a boost to the
dollar
• Sterling makes gains against the Euro
• Markets still expect lower rates next year in the US
• Bank of England publishes its quarterly survey of peoples inflation
expectations

US Dollar:


US November retail sales were much stronger than expected, rising by 1.0% in the month, after a 0.1% decline
in October. Ex autos sales increased by 1.% following a 0.3% fall in October. Consensus forecasts had been for
much more modest gains of 0.2% and 0.3% on the headline and ex autos indices, respectively.
Yesterday’s strong US retail sales numbers provided a boost to the dollar. However, sentiment remains against
the US currency, despite the evidence that the economy might not be as weak as feared.
Figures out Today:
• 13:30 US Jobless claims, k w/e 9/12 Exp 324 vs Prev 320

Euro:


Meanwhile, the ECB’s monthly bulletin is likely to reflect the tone of last week’s ECB press conference and
recent speeches by Trichet and other officials. Meanwhile, the yen remains weak versus the dollar and Euro
ahead of the tonight’s release of the key Tankan survey.
Figures out Today:
• 09:00 EA ECB publishes monthly report Dec

Sterling


Sterling had a good day yesterday, supported by stronger than anticipated UK labour market data. The claimant
count fell by 5,700, the largest drop in nearly two years. Meanwhile, average earnings increased by 4.1%,
which was more than expected, in the three months to October. However, while sterling recorded gains against
the euro it did lose some ground to the stronger dollar following the US retail sales data.

General News:


Figures out UK:
• 09:30 UK Retail sales, %m/m Nov Exp 0.9 vs Prev 0.0
• Earlier this morning, the New York Mercantile Exchange's main contract, light sweet crude for January delivery,
was up 0.19 Usd at 61.56 Usd a barrel.
• On a busy day for economics, November retail sales will take centre stage

Inter-bank
Updated 14/12/2006
 
GB POUNDS /US DOLLAR 1.9665
GB POUND / EURO 1.4860
EUR/USD 1.3230
GBP/JPY 230.93
GBP/AUD 2.5011
GBP/NZD 2.8344
GBP/ZAR 13.7698
GBP/CHF 2.3738
GBP/CAD 2.2740
GBP/SGD 3.0259
GBP/THB 69.193
GBP/HKD 15.2813

 

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