Sterling remained strong as the Royal Institute of Chartered Surveyors (RICS) released yet more strong housing data.

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Tuesday 19/12/2006

• Bank of Japan keep rates on hold
• US PPI set to rise
• UK housing market strength to continue on 2007
• German business sentiment climbs in November
• Oil heavyweights weigh on Wall Street/FTSE
• Oil drops on US warm weather

US Dollar:

The dollar ticked up in overnight trade as the Bank of Japan opted to keep rates on hold in December.
The greenback jumped against the Yen following the decision and on further comments from BoJ governor
Fukui that consumption in Japan ‘looked weak’.
The dollar had a good day yesterday as traders took their profits after the recent dollar slide and closed
out short positions ahead of the holiday season. With PPI expected higher today the dollar may well
have another good trading session.

Pound:

Sterling remained strong as the Royal Institute of Chartered Surveyors (RICS) released yet more
strong housing data. A spokesman for RICS said that the ‘Bank of England’s rate rises have failed to
dent the housing market’ with demand in London looking particularly strong.
The Times writes that the buoyant housing is set to continue in 2007.

Euro:

A quiet session for the euro yesterday with very little data to drive the market. However German business
sentiment jumped 1.5 points to 106.8 in November matching a 15-year high. Expectations did fall
however as businesses are looking for the VAT hike to hit hard early in 2007.
The IFO has just been released and came in much stronger than anticipated helping the euro to post
some early gains.

General News:

• The Bank of Japan opted to keep the overnight call rate at 0.25% as expected by most market
participants. With no move this month the burning question is when will we see a rate rise.
• On Wall Street the Dow Jones Index fell sharply in late trade as traders took their profits following
four record breaking sessions. As a consequence FTSE opened lower this morning and continued
on its downward trend.
• Oil prices dropped yesterday as unseasonably mild weather continued across the US. Oil stocks
may be depleted this week as bad weather delayed US crude shipments.

Interbank
Updated 19th December
GB POUNDS /US DOLLAR 1.9634
GB POUND / EURO 1.4915
EUR/USD 1.3160
GBP/JPY 231.87
GBP/AUD 2.5081
GBP/NZD 2.8302
GBP/ZAR 13.7764
GBP/CHF 2.3913
GBP/CAD 2.2719
GBP/SGD 3.0338
GBP/THB 69.880
GBP/HKD 15.2694

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