PhilBen
7th December 2009, 08:12
The Pound Last week Corus Group Ltd., the European unit of India’s Tata Steel Ltd, cut 1,700 jobs after a group of four customers stopped buying metal. However sterling has stayed above the 1.10’s and with very little UK data out today we could see the 1.11’s. Speculation still remains regarding the government stance to the banking sector bonuses.
The Dollar Employers in the U.S. cut the lowest number of jobs in November since the US recession began, this could indicate that the US recovery is lifting the labour market out of the worst employment slump in the post-World War II era.
The Euro ECB President Jean- Claude Trichet will be withdrawing stimulus measures quicker than economists had anticipated; this would open the door for higher interest rates next year. The ECB’s decision to end long term emergency loans will give greater flexibility to any rate increases in 2010 should the ECB deem them necessary.
Interbank Rates at 8.46 am UK Time
GBP-EURO 1.104
GBP-USD 1.635
GBP-AUD 1.799
Major Data out today
UK Halifax House Prices (7th-11th)
DE Factory orders
CA Building permits
JP Current Account
The Dollar Employers in the U.S. cut the lowest number of jobs in November since the US recession began, this could indicate that the US recovery is lifting the labour market out of the worst employment slump in the post-World War II era.
The Euro ECB President Jean- Claude Trichet will be withdrawing stimulus measures quicker than economists had anticipated; this would open the door for higher interest rates next year. The ECB’s decision to end long term emergency loans will give greater flexibility to any rate increases in 2010 should the ECB deem them necessary.
Interbank Rates at 8.46 am UK Time
GBP-EURO 1.104
GBP-USD 1.635
GBP-AUD 1.799
Major Data out today
UK Halifax House Prices (7th-11th)
DE Factory orders
CA Building permits
JP Current Account