PhilBen
30th November 2009, 08:46
The Pound last week suffered amid concerns again about the UK banking sector. It is reported that UK banks have very large investments in Dubai. Dubai's total debt of $80 billion grew when turning what was a small fishing town into a massive center for finance, investment and tourism. Global markets crashed on concerns that Dubai's debt problems could provide the kind of knock-on effect that the collapse of Lehman Brothers caused at the height of the financial crisis last year.
The Dollar made gains last week against the majors as the Dubai news left investors looking for a safe haven currency. The Dollar strength could be short lived if the initial downturn proves it’s self to be a knee jerk reaction to the news.
The Euro another good week on the markets with gains against the pound and holding 1.50 against the Dollar. It looks like sterling and the dollar could be in for another poor week this week against the Euro
Interbank Rates at 9.40 am UK Time
GBP-EURO 1.097
GBP-USD 1.65
GBP-AUD 1.80
Major Data out today
UK Gfk Consumer Confidence
DE Retail Sales
FR PPI
EURO Flash HICP
CA GDP
The Dollar made gains last week against the majors as the Dubai news left investors looking for a safe haven currency. The Dollar strength could be short lived if the initial downturn proves it’s self to be a knee jerk reaction to the news.
The Euro another good week on the markets with gains against the pound and holding 1.50 against the Dollar. It looks like sterling and the dollar could be in for another poor week this week against the Euro
Interbank Rates at 9.40 am UK Time
GBP-EURO 1.097
GBP-USD 1.65
GBP-AUD 1.80
Major Data out today
UK Gfk Consumer Confidence
DE Retail Sales
FR PPI
EURO Flash HICP
CA GDP