Euro Pounds Daily brief Wednesday 15 November 2006

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Wednesday 15/11/2006


• UK data disappoints sterling bulls
• US inflation worries ease
• Bank of England Inflation report eyed
• French PM sparks Euro fall
• Dow Jones posts an all time high in late trade
• Reserve Bank of New Zealand talks down kiwi


US Dollar:


US Producer Price Index came in sharply lower yesterday easing investors concerns of high inflation
and even higher rates.
This caused an initial sell-off in the dollar followed by sustained buying as the stock market rallied with
increased expectations. The Dow Jones Index reached an all time high of 12,218.01 last night buoyed
by earnings news from Wal-Mart and Home Depot.


Pound:


Inflation in the UK came in less than anticipated yesterday, unexpectedly staying at the 2.4% level.
The sharp drop in fuel prices looks to have offset the rise in university tuition fees in October. Although
below the 2.6% forecast the headline figure is well above the BoE target of 2.0%.
At 1030 GMT the BoE publishes its Quarterly Inflation Report. Despite the lower than expected headline
figure yesterday, analysts are still anticipating another rise in early 07 on the back of the Jan pay
round. Today’s report should contain some clues as to the future path of UK rates.


Euro:


The French PM Dominique de Villepin sparked a fall in the Euro against the dollar yesterday as he called
for ‘greater collaboration among eurozone monetary authorities on managing the euros' exchange
rate’.
This caused a fall of 0.5c against the dollar as investors shied away from any Euro uncertainty.


General News:


• The Reserve Bank of New Zealand attempted to talk the kiwi dollar down yesterday, saying
kiwi’s value ‘looks high relative to economic fundamentals’. The FX market shrugged off the concerns
of the RBNZ as the dollar held firm.
• The FTSE 100 is up over 0.5% this morning as global investor confidence returns on record performances
on Wall Street.
• Oil again slipped in trade on Monday as technical trading continues. Oil prices slipped under the
$59 level to $58.84

GB POUND /US DOLLAR 1.8958
GB POUND / EURO 1.4782
EUR/USD 1.2823
GBP/JPY 223.23
GBP/AUD 2.4769
GBP/NZD 2.8638
GBP/ZAR 13.7706
GBP/CHF 2.3601
GBP/CAD 2.1560
GBP/SGD 2.9559
GBP/THB 69.192
GBP/HKD 14.7597

 

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