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Exchange Rates - 03/06/2010

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Currency Pair Exchange Rate
GBP - USD 1.4685
GBP - EUR 1.1493
EUR - USD 1.2293
GBP - JPY 135.8500
GBP - CHF 1.6920
GBP - AUD 1.7272
GBP - CAD 1.5222
GBP - NZD 2.1335
GBP - SGD 2.0573
GBP - HKD 11.4410
GBP - CZK 30.6880
GBP - PLN 4.8591
GBP - SEK 11.3794
GBP - DKK 8.8865
GBP - NOK 9.4230
GBP - THB 47.5099
GBP - ZAR 11.1680
*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please call our dealing team on +44 (0)1375 489 480

Market Overview

  A report released yesterday by the Bank of England on mortgage approvals revealed that in April mortgage approvals increase 49,900 to beat expectations for a 49,500 rise. The construction sector also saw gains as May’s PMI reading increased to 58.5 from the previous month’s figure of 58.2. Not all was good news for the UK however as consumer credit fell by £0.1 billion during the same period marking this as the first decline in credit since November. As credit conditions tighten and the labour market continuing to worsen the Bank of England could find itself propping up the economy well into the latter half of the year as the newly formed coalition government strives to reign in public spending and make the necessary cuts to the budget deficit. With the aim of encouraging a sustainable recovery, BoE Governor Mervyn King may retain a dovish stance on future monetary policy. Today the Nationwide House price survey showed that in the month of May house prices rose by 0.5% over the consensus 0.3% increase and annually prices have gained 9.8% over the forecast 9.7% but a smaller margin than the previous 10.55 increase. Later into the trading session May’s PMI on services is set to see the index rise to 55.7 up from 55.3 in previous month.

The Euro held a narrow trading range against its UK and US counterparts yesterday, moving within a range of 140 pips against Sterling and 100 pips verses the Dollar. Wednesday’s Producer prices came in above estimates with a sequential growth of 0.9% over the forecast 0.7% and annually by 2.8% against the predicted 2.6% and greatly advancing from the previous 0.9% gain. Thursday's European trading session will consist mainly of PMI data on services for the Euro-zone and specifically its member nations of Germany, France and Italy with expectations for the index remain at the previous levels of 56.0, 53.7 and 61.9 for the Euro-zone, Germany and France respectively. Italy's PMI is actually expected to see an upward movement from 54.5 to 54.8 in the month of May. Later into the trading session retails sales for April are expected to have gained 0.1% across the Euro-zone after March failed to show any signs of growth in the retail sector.

A 6.0% expansion in pending home sales for the month of April has helped reinforce the positive outlook for the American economy. Economists had expected Wednesday's report to reveal a 4.3% increase from the 5.3% increase that was originally reported in the previous month, but upon the figures announcement March’s gains had been revised upward to a rate 7.1%. The unexpected increase meant that pending home sales rose to its highest level since October and also marked it as the third consecutive increase. The earlier Challenger jobs cut report was another bearer of good news showing that planned job cuts fell by 65.1% in May. Continuing with employment data, Thursday is set to see the number of employed rise by 58,000 in May following a 32,000 increase in employment for April and is expected to be corroborated with the weekly initial jobless claims figure falling from 460,000 to 450,000 in the week ending the 29th May. Further to this factory orders are set to have risen in April by 1.3% up from a downwardly revised 1.1% and the ISM non-manufacturing composite will see marginal gains with the index hitting 55.9 after April’s figure reached 55.4.

Earlier in today’s docket Australia posted a surplus in their trade balance for April as exports surged 10.7% from March and marks this as not only the first surplus for a year but also the biggest monthly increase in two years.


Data Releases

THU 07:00 GBP Nationwide House Prices s.a. (MoM) (MAY)
THU 07:00 GBP Nationwide House Prices n.s.a. (YoY) (MAY)
THU 07:45 EUR French Mainland Unemployment Change (1Q)
THU 07:45 EUR French ILO Mainland Unemployment Rate (1Q)
THU 07:45 EUR French ILO Unemployment Rate (1Q)
THU 08:45 EUR Italian Purchasing Manager Index Services (MAY)
THU 08:50 EUR French Purchasing Manager Index Services (MAY F)
THU 08:55 EUR German Purchasing Manager Index Services (MAY F)
THU 09:00 EUR Euro-Zone Purchasing Manager Index Services (MAY F)
THU 09:00 EUR Euro-Zone Purchasing Manager Index Composite (MAY F)
THU 09:30 GBP Purchasing Manager Index Services (MAY)
THU 09:30 GBP Official Reserves (Changes) (MAY)
THU 10:00 EUR Euro-Zone Retail Sales (MoM) (APR)
THU 10:00 EUR Euro-Zone Retail Sales (YoY) (APR)
THU 12:30 USD Fed's Dennis Lockhart to Speaks in Atlanta, Georgia
THU 13:15 USD ADP Employment Change (MAY)
THU 13:30 USD Non-Farm Productivity (1Q F)
THU 13:30 USD Unit Labor Costs (1Q F)
THU 13:30 USD Initial Jobless Claims (MAY 29)
THU 13:30 USD Continuing Claims (MAY 22)
THU 14:00 USD ISM Non-Manufacutring Composite (MAY)
THU 14:00 USD Factory Orders (APR)
THU 14:30 USD ICSC Chain Store Sales (YoY) (MAY)
THU 16:00 USD DOE U.S. Crude Oil Inventories (MAY 28)
THU 16:00 USD DOE U.S. Gasoline Inventories (MAY 28)
THU 16:00 USD DOE U.S. Distillate Inventory (MAY 28)
THU 16:15 USD Fed Chairman Ben Bernanke Speaks in Detroit, Michigan
THU 17:15 USD Fed's Eric Rosengren Speaks in Springfield, Massachusetts
THU 18:15 USD Fed's Thomas Hoenig Speaks in Bartlesville, Oklahoma
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