Euro Pounds Brief Friday 24th November 2006


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Friday 24/11/2006


 • Dollar slammed in early trade.
• German business sentiment highest this year
• UK markets fairly subdued
• China expecting economic slowdown in 2007
• New Zealand trade deficit widens
• Oil slips slightly


US Dollar:


The dollar came under heavy selling pressure against the euro yesterday and this morning as the German
business sentiment rose again in November.
This morning dollar has been sold and sold and sold with traders returning to the market. The market
has tested 1.3000 in the euro-dollar and gone flying through. Whether this move can be sustained is to
be seen. There are stops in the market exaggerating the move.


Pound:


As expected a fairly benign day in the sterling market thanks to the US Thanksgiving holiday. This
morning dollar has lost significant ground with stops being triggered above 1.9200
This morning (0930) we have the release of the UK GDP figure for 3Q with growth expected to have
increased to 2.8% from 2.6% in 2Q.


Euro:


The German business sentiment (IFO) figure rose to a yearly high in November, climbing to 106.8 from
105.3 driving the euro to its highest level of the year against the dollar. The euro did find it tough to
make any inroads into the pound with the figure dropping just under 1.4800.
With very little data in the market today we should be in for a fairly quiet day.


General News:


• New Zealand's October trade deficit widened further than expected overnight to NZ$1.17bn putting
the kiwi under some selling pressure.
• China’s economic growth slowdown should be ‘evident’ in 2007 according to a leading Chinese
economist, ending the economic cycle which began in 2002.
• According to rumours Gordon Brown will be substantially increasing taxes on air travellers and
4x4 drivers in the pre-budget report.
• Oil prices slipped slightly to $59.24 in thin trade yesterday. With no news driving the market
another quiet day is expected.
 

Inter-bank
Updated 24/11/2006
 
GB POUND / US DOLLAR 1.9263
GB POUND / EURO 1.4788
EUR/USD 1.3043
GBP/JPY 223.08
GBP/AUD 2.4771
GBP/NZD 2.8552
GBP/ZAR 13.9153
GBP/CHF 2.3389
GBP/CAD 2.1944
GBP/SGD 2.9892
GBP/THB 70.251
GBP/HKD 14.9733

 

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