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Pounds to US Dollars

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Interbank foreign exchange rates:

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Updated Monday 12th May 2008

EURO / GB POUND 0.7909
GB POUNDS / EURO 1.2643
BRITISH POUND / US DOLLAR 1.9469
EURO / US DOLLAR 1.5390
GB POUND / JAPANESE YEN 201.56
GBP/AUD 2.0710
GBP/NZD 2.5401
GBP/ZAR 14.8936
GBP/CHF 2.0404
GBP/CAD 1.9629
GBP/SGD 2.6679
GBP/THB 62.32
GBP/HKD 15.1769

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Wednesday 18/04/2007

• Cable hits $2 and pushes on through
• Dollar weakens on the back of inflation slowdown
• UK rates set to rise as inflation climbs
• MPC minutes due out at 0930BST
• Kiwi keeps climbing
• Oil climbs ahead of inventory data

US Dollar:

For the first time since 1992 the dollar traded $2 to the pound yesterday as UK inflation surprised to the upside
and US inflation slowed. Quite early on in the UK session cable jumped past $2 and rebounded quite aggressively
before pushing on towards 2.01 and holding quite firmly at 2.003. Euro-dollar pushed on towards
all-time highs on the back of the US inflation slowdown. Despite the drop in the headline figure the Fed still
see inflation risks to the upside and reiterated that rates aren’t going to be cut any time soon.
This morning cable has hit 2.01 and bounced away; 2.015 is the next big resistance level which could be
breached this morning on the MPC minutes. A small mortgage figure looks to be the main shaker today.

Pound:

A rate hike to 5.5% next month now looks nailed on after yesterday’s inflation data. Headline inflation
climbed to 3.1% against an expected 2.8% yesterday prompting BoE Governor to write to the Chancellor explaining
what the MPC are doing to control the price increase. On the back of the inflation data sterling rallied
sharply breaking the $2 barrier on cable and pushing 1.48 against the

Euro.

This morning the BoE release their minutes from the March rate-setting meeting where they left rates at
5.25%. Markets are looking for either 6-3 or 5-4 in favour of a pause with the possibility of a 3-way split with
Blanchflower still voting for a rate cut. This is likely to reverse next month on the back of yesterday’s runaway
data and the buoyant housing market.
Euro:
Multi-year highs for the Euro against the dollar as the greenback takes a hit. The ECB continue to sing their
hawkish tune with members adding to the possibility that rates may well go beyond 4% widely expected by
market players. The Euro is set to continue it’s appreciation against the pound and the dollar in the second
half of 2007 with the yield gap narrowing. The slowdown expected in the US economy may well weigh heavy
on Europe’s shoulders going forward but in the meantime Euro is the currency of choice.

General News:

• The yen took another hit yesterday with some heavy selling in favour of the pound with rates in the UK
looking to rise in the near term. The carry trade is again on the lips of many investment houses with
easy money available.
• The Kiwi dollar rallied overnight with carry trade activity and the increasing probability of another rate
hike.
• Oil traded up with US inventories expected to drop today and supply concerns from the US in the market.
This morning oil trades $64.77.

Interbank foreign exchange rates:
Updated 18th April
G BRITISH POUND / US DOLLAR 2.0081
GB POUNDS / EURO 1.4775
EURO / US DOLLAR 1.3589
GB POUND / JAPANESE YEN 238.39
GBP/AUD 2.3992
GBP/NZD 2.6866
GBP/ZAR 14.1040
GBP/CHF 2.4222
GBP/CAD 2.2692
GBP/SGD 3.0360
GBP/THB 64.968
GBP/HKD 15.6820

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