Euro Pounds Daily brief May 2007

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• Sterling loses ground following sharp rally
• MPC’s Blanchflower explains decision to vote for a hike
• UK Sunday Times reports slowdown in housing market is nigh
• ECB’s Weber says current hike cycle not at end
• Commodity currencies dip as yen posts gains
• Oil dips as Nigerian supply issues fade

Euro Pounds Brief Friday 4th May 2007

• Sterling continues to weaken against the US Dollar
• US sees key employment release—non farm payroll data at 13:30
• New York Federal Reserve Bank President Timothy Geithner is to speak about the changing global economy
• UK—Markets count down to the MPC interest rate decision next Thursday

Euro Pounds Brief Thursday 3rd May 2007

• Sterling remains weak against the EURO
• Sterling strengthens by 0.25% the US DOLLAR overnight
• King says BOE must do whatever necessary to reach CPI target (Inflation)
• The outlook on U.S. employment conditions improved in April, according to the Monster Employment Index
• Mervyn King said the Central Bank should look for better ways to communicate - although not its bank rate forecasts.

Euro Pounds Brief Wednesday 2nd May 2007

• Dollar hits back on Manufacturing data
• Dollar posts gains on rumours of strong factory orders
• Bernanke encouraged by inflation data, not apt to drop Fed bias
• UK CBI data pushes on; the Times talks of 6% rates
• RBA leaves Aussie rates on hold
• An active session for oil trading up on inventory fears

Euro Pounds Brief Tuesday 1st May 2007

• Dollar falls into similar pattern rising then falling
• Euro-dollar fails at all-time highs
• More inflation stories to worry the MPC
• ECB’s Liebscher warns on inflation as M3 accelerates to 24 year high
• Rand fights back as carry trade re-emerges
• Oil falls in a quiet session