Euro Pounds Brief Monday 27 November 2006

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Monday 27/11/2006


• Further dollar selling through global markets
• Euro hits 20-month high vs dollar
• UK Hometrack house prices at 2-year high
• Bank of Japan says rates to rise slowly
• Gold hits $640
• Oil posts gains on dollar slump and OPEC rumours


US Dollar:


Dollar negativity continued in Asian trade this morning with the greenback hitting 1.9470 against the
pound and 1.3180 against the euro. Asian dollar sellers this morning triggered stops against most major
crosses, hitting fresh lows. With the holiday weekend in the US it remains to be seen whether this
move is sustainable or if the US correct the markets.
David Smith of the Sunday Times expects to see cable trade in excess of $2.00 this week, fanning the
flames of a bearish dollar sentiment. With very little US data to drive the market, this week could be
hard going for the beleaguered greenback.


Pound:


UK Hometrack house prices rose to 5.3% (year on year), the largest number since August 2004. Despite
a very busy market against the dollar, the pound is holding it’s own against the Euro and posting
healthy gains against Asian currencies.


Euro:


The Euro is enjoying a moment in the limelight against the dollar, breaking 1.3100 with ease. Some of
the larger gains have been clawed back however the Eurozone currency is still looking strong.
With ECB members continuing down the high inflation rhetoric, weakness looks fairly distant.


General News:


• BoJ governor Fukui repeated that the central bank will continue to raise rates slowly to support
sustained, non-inflationary growth.
• Gold topped $640 per oz, the highest since August, as investment funds bought the precious
metal as an alternative to the sliding dollar.
• Oil prices ticked up slightly as the dollar slumped and OPEC rumours of an Arabian cut in production
flooded the market. Asian trade saw oil hit $59.93.
• Equity markets found it difficult to gain ground on Friday and the FTSE opened down this morning,
currently trading 6,111.15

Inter-bank
Updated 27/11/2006
 
GB POUNDS /US DOLLAR 1.9352
GB POUNDS / EURO 1.4763
EUR/USD 1.3105
GBP/JPY 224.68
GBP/AUD 2.4860
GBP/NZD 2.8821
GBP/ZAR 13.7076
GBP/CHF 2.3391
GBP/CAD 2.1935
GBP/SGD 3.0030
GBP/THB 70.388
GBP/HKD 15.0463
 

 

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