Euro Pounds Daily brief Friday 15/12/2006

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Friday 15/12/2006


• Evidence US economy remains relatively strong supports USD against Euro
• UK retail sales came in ahead of forecast yesterday
• Euro weakens against sterling
• No major data releases scheduled today

US Dollar:


Further evidence that the US economy remains relatively strong continues to provide a boost for the dollar, with the US currency getting a lift versus most majors. The Euro fell back below $1.32 after weekly jobless claims fell by more than forecast, supporting the view of a robust labour market following last week’s better than expected payrolls report. Data Releases:
13:30 US CPI, sa %m/m Nov Prev -0.5 vs Exp 0.2
13:30 US Empire manufacturing Dec Prev 26.7 vs Exp 17.7 14:00 US Net foreign security purchases, $bn Oct Prev 65.1 vs Exp
70.0 4:15 US Industrial production, % Nov Prev 0.2 vs Exp 0.0 4:15 US Capacity utilization, % Nov Prev 82.2 vs Exp 82.1

Pound:


UK retail sales were unexpectedly strong in November, rising by 0.3% on the month compared to forecasts for a 0.2% fall. The data were also in contrast to survey evidence from the CBI and BRC, with both showing weak retail trade over the month. Rising inflation expectations have been one of the BoE’s main concerns, lest it feed through to more aggressive wage inflation. Data released earlier this week showed the y-on-y growth rate in average earnings coming in above market forecasts.

Euro:


The euro lost ground against sterling yesterday after stronger UK retail sales, the market now moving above 1.4900. 15 Dec ECB's Liebscher speaks in meeting with journalists (09:00) Data Releases:
10:00 EA Industrial production, %m/m Oct Prev 1.0 vs Exp 0.4
10:00 EA HICP – final, %m/m Oct Prev 0.1 vs Exp 0.0
10:00 EA HICP – final, %y/y Oct Prev 1.6 vs Exp 1.8

General News:


• The FTSE-100 is expected to open up 12 points this morning, taking their cue from another record performance in New York last night.
• US stocks enjoyed another strong session last night, with blue chips ending at another all-time high, as a series of strong company earnings and a drop in unemployment claims revived investors' confidence in the economy, traders said.
• Oil prices were steady in Asian trading hours after making sharp gains overnight on news that OPEC would cut output further to
shore up prices. Light sweet crude for January delivery was up 0.04 usd a barrel at 62.55 on Nymex.
• On the economic front, the US Consumer Price Index is seen rising 0.2 pct in November after falling 0.5 pct in the prior month.
The core rate, which excludes volatile food and energy prices, is also seen rising 0.2 pct, following a 0.1 pct rise in October.

Inter-bank
Updated 15/12/2006
 
GB POUNDS / US DOLLAR 1.9615
GB POUND / EURO 1.4908
EUR/USD 1.3150
GBP/JPY 231.49
GBP/AUD 2.5076
GBP/NZD 2.8459
GBP/ZAR 13.7282
GBP/CHF 2.3810
GBP/CAD 2.2611
GBP/SGD 3.0222
GBP/THB 69.083
GBP/HKD 15.2477

 

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