Euro Pounds Daily brief Monday 20/11/2006

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Monday 20/11/2006


• Dollar weakness across the board
• US housing data weakest in 6 years
• Friday afternoon tough for equities
• Gold, platinum up on demand
• Oil continues to fall


US Dollar:


The US dollar lost ground on Friday as US housing construction data fell to its lowest level in six years.
Sterling dollar jumped half a cent on the release of the data, pushing cable back up towards the 1.90
level.
The Euro dollar also jumped by half a cent following the housing data after breaking below the 1.28
level in early trade.
At 1500 today the US release Leading Indicators, otherwise there is little data through the day.


Pound:


After a fairly bullish day on Friday, today sees the release of public finance and BBA mortgage lending
figures.
In it’s monthly report, Rightmove revealed that average property asking prices rose a monthly 1.5% in
November for a 12.4% annual increase.
This week the Bank of England release the minutes of their November meeting.


Euro:


Inflation fears are still rife in the eurozone with ECB members reiterating the need for ‘vigilance’ with
headline inflation seen running well above target for the foreseeable future. At the G20 meeting over
the weekend, president Jean-Claude Trichet used his strongest language yet urging the ECB to be
‘strongly vigilant’, sending the Euro higher again.


General News:


• Metals posted gains in early trade as jewellers and funds bought precious metals ahead of the
Christmas rush. Platinum prices gained 2% on demand led trade.
• Oil falls 1% focussing on high US stockpiles and unseasonably warm weather in the North East
US. Oil hit a 17-month low of $55 yesterday with current prices at $58.97
• On Friday the US dollar faltered on rumours that a large hedge fund was forced to liquidate dollar
positions to cover significant losses on the oil market.

Interbank updated 20/11/06

GB PPOUND / US DOLLAR 1.8935
GB POUNDS / EURO 1.4759
EUR/USD 1.2828
GBP/JPY 223.72
GBP/AUD 2.4645
GBP/NZD 2.8473
GBP/ZAR 13.7745
GBP/CHF 2.3540
GBP/CAD 2.1659
GBP/SGD 2.9512
GBP/THB 69.274
GBP/HKD 14.7423
 

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