Euro Pounds Daily brief Friday 17 November 2006

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Friday 17/11/2006


• Dow Jones continues to push higher
• Weak CPI fails to dent dollar
• Sterling takes back some losses against euro
• Aussie dollar ‘remarkably stable’
• Metals suffer another poor session
• Oil falls after OPEC speculation and mild temperatures


US Dollar:


The US dollar again pushed higher yesterday and in early Asia trade today after US data showed a
slowdown in consumer inflation and a rebound in regional factory activity. The news prompted markets
to believe that rates may stay on hold for the foreseeable future.
Federal Reserve officials continued with their hawkish stance with Chicago Fed president Moskow stating
that it could take an extended period (at 5.25%) to lessen core inflation.
Meanwhile the Dow Jones posted new highs as oil prices and commodity prices slipped.


Pound:


Sterling clawed back some of the losses against the euro yesterday as the euro-dollar cross was heavily
sold on the euro side on the back of US strength.
ECB members should provide some stability in the eurozone today with a number of speeches scheduled.
Australian Dollar:
Aussie dollar posted gains again as the Reserve Bank of Australia’s Guy Debelle noted that the dollar
had been ‘remarkably stable’ given the rapid rapid growth of turnover in the local foreign exchange
market.


General News:


• The metal markets saw yet another sell off in a tough day for commodities. This was attributed
to the general sell off and long-position liquidation by hedge funds after a very strong year to
date.
• Oil falls again as traders believe that OPEC may renege on their announcement that production
cuts of oil would continue into 2007. This came on top of falling gas prices and mild temperatures
across the United States.
• A very thin data day today with the only figures of note being US housing numbers.
• Have a great weekend
  GB POUNDS /US DOLLAR 1.8865
GB POUNDS / EURO 1.4749
EUR/USD 1.2789
GBP/JPY 222.96
GBP/AUD 2.4589
GBP/NZD 2.8392
GBP/ZAR 13.7069
GBP/CHF 2.3567
GBP/CAD 2.1530
GBP/SGD 2.9423
GBP/THB 69.024
GBP/HKD 14.6917

 

 

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