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Australian and New Zealand dollars strengthened

The US dollar weakened for the first time in four days against sterling as traders pushed back estimates for when the Federal Reserve will increase U.S. Interest rates. The U.S. currency declined for a second day against the euro.
The Australian and New Zealand dollars strengthened after China’s factory output and economic growth expanded more than analysts forecast. The Aussie and kiwi rallied as reports from China allayed some concerns growth in the Asian nation was slowing. China is Australia’s largest trading partner.

This morning for the UK we had the public finances which have revealed Britain’s budget deficit widened in the first six months of the fiscal year, leaving Chancellor of the Exchequer George Osbourne on course to overshoot his borrowing target. In a statement, the Treasury highlighted the risks from the slowdown in the euro area and said today’s borrowing figures underlined the need to “continue working through the plan that is building a resilient British economy.”

Given current concerns of a growth slowdown, markets are likely to be looking to this afternoons release of September US existing home sales for reassurance that the upswing in housing market activity remains activity remains intact.

No euro data today so therefore we may see some pound movement on the upside.

MORNING MARKET RATES:

GBPEUR 1.2650
GBPUSD 1.6150
EURUSD 1.2766
GBPSEK 11.639
GBPAED 5.9315
GBPAUD 1.8328
EURGBP 0.7903
GBPJPY 172.45
GBPTHB 52.137