Good Morning
The US dollar is on Holiday Today!
We expect no movement in the US dollar exchange rate as the US say farewell to summer and for those fashion guru’s amongst you – wearing white. The rest of the week is far from a holiday, as the data releases will be coming thick and fast with US employment numbers on Friday giving Foreign Exchange Traders some thing to get excited about.
Did you all do your duty by helping retail sales figures this weekend? It seemed every shop I went to was heaving with parents doing their ‘back to school shopping’. Weekend jollies aside, this week we will see the release of the UK’s PMI numbers and the market is expecting strong numbers which should drive the pound towards 1.7000 against the USD and 1.3000 against the Euros exchange rate. God help us if the numbers are soft.
It appears that Goldman Sachs have been reading my report and joined the bank wagon calling for the EURO EXCHANGE RATE to go lower. Over the weekend they released a revised forecast for the EURUSD to 1.2900, 1.2500 and 1.2000 in 3, 6 and 12 months (from 1.3500, 1.3400 and 1.3000 previously. This is almost 6% lower and they weren’t the only major bank to do this – JP Morgan joined in cutting their forecast to 1.2600 – Could this be the end of the Teflon Euro? – Please Super Mario keep up the good work.
MORNING MARKET RATES:
GBPEUR 1.2665
GBPUSD 1.6635
EURUSD 1.3140
GBPSEK 11.545
GBPAED 6.0705
GBPAUD 1.7788
EURGBP 0.7800
GBPJPY 173.25
GBPTHB 53.110
GBPCHF 1.5120
Please contact me to discuss SPOT pricing, FORWARD pricing or alternatively placing MARKET ORDERS at pre-desired rates.
P.S. WHY NOT TAKE ADVANTAGE OF THE STRONG POUND AND LOOK AT SECURING EUROS/ USD ON A FORWARD CONTRACT FOR UP TO 2 YEARS IN ADVANCE. WE ONLY REQUIRE A 3% GBP DEPOSIT TO SECURE A RATE GIVING YOU PEACE OF MIND AGAINST RATE FLUCTUATIONS.
Kris Charalambides
Senior Account Manager
kris@imsfx.co.uk
www.imsfx.co.uk
Direct Dealing Line : 0207 183 7928
Dealing Desk : 0207 183 2790