Sterling gained some strength in trade on Friday as annualised UK output growth climbed to 2.3% data on Friday showed.

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Wednesday 27/12/2006

• Dollar on back foot after weak data
• Yen strengthens on Jiji news agency article
• UK annualised output climbs
• Telecommunications/trading disrupted after Taiwan quake
• Oil falls by over $1 on mild weather forecasts

US Dollar:

The dollar spent the Asian trading hours on the back foot as a fall in the Richmond Fed manufacturing
index weighed on dollar sentiment.
With a weakening inflation backdrop seemingly contradicting the Fed rhetoric, the chance of a March
rate cut remains at 20% in the futures markets. More weak data may well send the dollar back to the
recent lows of 1.99. With a quiet weak in store and liquidity thin any moves may well be exaggerated.

Pound:

Sterling gained some strength in trade on Friday as annualised UK output growth climbed to 2.3% data
on Friday showed.
Markets will be on the lookout for any terrorism rumours after Friday’s reports on ABC news and Met
police chief Blair’s warnings.

Euro:

With very little driving the market, movements this morning have been driven by Asian news and bullish
reports from Japan.
With stops triggered in the Euro-yen, the European currency has started trading slightly weaker against
the dollar and the pound.

General News:

• Japanese government bonds plummeted this morning after a Jiji news agency report that the
BoJ board will discuss a proposal to raise rates to 0.5% at the 17/18 January meeting. However
it does not cite sources and adds that unexpected events in the financial market will also affect
the decision.
• A series of earthquakes shook Taiwan disrupting telecommunications and trading in Asia. Two
people are reported to have dies in the quakes which measured a maximum of 7.1.
• Oil dropped by over $1 yesterday as mild weather forecasts in the US prompted speculation of a
jump in crude oil stockpiles. This fall coming despite an explosion on an oil pipeline following a
leak in the Nigerian capital, Lagos.

Interbank
Updated 27th December
GB POUNDS / US DOLLAR 1.9590
GB POUND / EURO 1.4892
EUR/USD 1.3155
GBP/JPY 232.49
GBP/AUD 2.4930
GBP/NZD 2.7885
GBP/ZAR 13.7824
GBP/CHF 2.3877
GBP/CAD 2.2738
GBP/SGD 3.0119
GBP/THB 69.900
GBP/HKD 15.2379

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