Euro Pounds Daily brief Thursday 23 November 2006

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Thursday 23/11/2006


• Bank of England MPC surprise markets
• Further dollar weakness on position liquidation
• German IFO confidence due today
• Yen gathers pace
• US and Japanese holidays
• Oil stable in thin trade


US Dollar:


The dollar had a tough time yesterday in thin markets approaching the long weekend. There were rumours
of unwinding of yen carry trades ahead of the holiday prompting a dollar sell-off with the yen
hitting a two month high against the greenback.
The dollar fell against most other major crosses on the follow through selling and from continued US
bearishness. US markets are closed today so trade should be subdued.


Pound:


The Bank of England yesterday released the minutes from the November rate setting meeting surprising
markets slightly with a 7-2 vote in favour of a rate hike as opposed to the 8-1 expected by markets.
David Blanchflower voted to keep rates on hold citing downside risks to demand and inflation.
Rachel Lomax also voted to keep rates on hold, her reasons being the slack in the labour market.
This result did little to dent sterling. Immediately following the figure the pound was sold but recovered
quickly and posted some hefty gains against the US dollar.


Euro:


The ECB again maintained a hawkish tone with Klaus Liebscher saying rates in the eurozone were still
low and that credit growth is responsible for the unusual inflation risks.
At 0900 Germany releases its IFO Business Sentiment Survey. With the UK posting positive manufacturing
data and sliding oil prices, the figure may show an increase in confidence.


General News:


• Holidays in Japan and the US will keep a lid on activity today. Asian markets have been very
quiet this morning.
• Australian dollar posted small gains on rising commodity prices.
• Oil prices fell again yesterday as the US inventories showed an unexpectedly large increase. US
crude stocks rose by 5.1m barrels as opposed to market sentiment of 0.6m. Prices dropped by
$1.50 following the data and have clawed back some gains on a thin market to $59.24.

 

Inter-bank
Updated 23/11/2006
 
GB POUND /US DOLLAR 1.9141
GB POUND / EURO 1.4789
EUR/USD 1.2940
GBP/JPY 223.06
GBP/AUD 2.4720
GBP/NZD 2.8512
GBP/ZAR 13.6995
GBP/CHF 2.3474
GBP/CAD 2.1837
GBP/SGD 2.9729
GBP/THB 69.886
GBP/HKD 14.8987


 

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