Currency Market Update 19/11/09
Posted: Thursday, November 19, 2009
by Phil Bennetts
Sat WorldWide
The Pound took a setback yesterday dropping below the 1.12 level. Data released caused some concern as the 9 people who set the British monetary policy agree that the next few years the economy is not going to be much fun and they don't all agree how to fix the problem. The minutes revealed only seven out of the nine voted to buy another 25bn of assets over the next quarter. It looks like sterling could be under pressure the rest of the week as economists forecast that public sector borrowing will increase to GBP 7.0B in October.
The Euro took advantage of poor data from the UK yesterday but at the moment seems to be range bound against the dollar. Again the market is likely to be volatile for the rest of the week as data out from Germany tomorrow could have an impact on the currency.
Interbank Rates at 7.41 am UK Time
GBP-EURO 1.119
GBP-USD 1.67
GBP-AUD 1.806
Major Data out today
EU ECB Governing Council non-rate setting meeting
JP Leading indicator (F)
UK Public Finances (PSNCR)
UK M4 Money Supply (P)
UK Retail Sales
US Initial Claims
CA Leading indicator
US Philadelphia Fed Survey
US Leading Indicator
Phil Bennetts
Currency Exchange Service
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