Pound climbs against dollar
Thu, 30 Apr 09 05:00 am
Equity markets continue with their upward momentum this morning, boosting currency exchange rates as signs of economic recovery become apparent. Despite worse than expected US GDP figures for the first quarter of 2009 and the WHO upgrading swine flu alert levels from four to five, improved economic sentiment has triggered hopes that the worst of the financial crisis may be over.
Markets recover ground
Wed, 29 Apr 09 05:00 am
International equity markets received a boost overnight as consumer confidence in the US reached its highest level since November. This prompted a rise in risk appetite and boosted currency exchange rates for the higher yielding currencies. However fears over swine flu are keeping investors in check and US GDP figures and minutes from the FOMC meeting are likely to be the focus of market attention today.
Risk aversion on the rise
Tue, 28 Apr 09 05:00 am
Leaked preliminary results from the stress tests of American banks this morning show the worst of the financial crisis is far from over, with banks still needing to raise billions in capital as protection from ongoing losses. In combination with fears of swine flu, this news has sent global markets plunging with shares in airlines and travel retailers particularly hard hit.
Swine flu hits markets
Mon, 27 Apr 09 05:00 am
Fears over a potential swine flu epidemic are weighing on global markets this morning after outbreaks across North America have left 100 dead. Uncertainty over the impact and extent over the flu have rattled the precarious financial stability and prompted a rise in risk aversion internationally. North American and Asian markets all suffered losses overnights with stocks in airlines and travel retailers particularly hard hit.
UK economy contracts 1.9%
Fri, 24 Apr 09 05:00 am
The UK economy contracted -1.9% in the first quarter of 2009, more than economists expected with record declines in the manufacturing and service sectors. This news has sent the pound plunging against the dollar and euro as investors also remain wary of record levels of government borrowing.
Euro climbs against US dollar
Thu, 23 Apr 09 05:00 am
The euro has risen against the US dollar this morning with economic news from the eurozone showing the pace of recession easing in the last month. Yesterday market focus was on the pound with the UK budget and 6.7% unemployment rate causing a dip in sterling exchange rates. However this morning sterling has recovered, finding support above 1.45 on the dollar and 1.11 on the euro.
UK budget released today
Wed, 22 Apr 09 05:00 am
Foreign exchange markets will focus on sterling today with the annual budget released in the UK. Equity markets rallied overnight on the back of comments from US Treasury Secretary Geithner. This fuelled a bounce in currency exchange rates that failed to include the euro, illustrating the pressure weighing on the euro at present.
Euro at 5 week low
Tue, 21 Apr 09 05:00 am
The euro is sitting at a 5 week low against the US dollar this morning as the single currency continues to be plagued by uncertainty surrounding ECB strategy. Larger than expected credit write downs at Bank of America yesterday reignited fears that the worst is not over in the financial crisis putting an end to the recent 6 week rally in global equities.
Euro hits one-month low against dollar
Mon, 20 Apr 09 05:00 am
The CBI has predicted the UK economy will contract by 3.9% in 2009, more than twice the amount predicted by Alistair Darling late last year. The euro has reached a one month low against the dollar amid concerns that the ECB is not doing enough to safeguard the ailing eurozone economy and US leading indicators released today are expected to show signs of recession easing in the US.
Sterling gains on euro
Fri, 17 Apr 09 05:00 am
Better than expected jobless data in the US yesterday bolstered investor hopes of a tentative stability in the world's largest economy. While economic data continues to be mixed, there is growing evidence the rate of decline is slowing in the US and to a lesser extent, the UK. This morning sterling has fallen from its 3 month high versus the US dollar but continues to gain against the euro.
Sterling reaches 3 month high
Thu, 16 Apr 09 05:00 am
Sterling reached a 3 month high against the US dollar yesterday, supported by an improvement in housing market sentiment and business confidence. The pound also touched on a 6 week high against the euro with the ECB announcement of 'non-standard measures' to stimulate the Eurozone economy.
UBS to cut 8,700 jobs
Wed, 15 Apr 09 05:00 am
Switzerland's biggest bank, UBS, has said it will seek to cut costs by shedding 8,700 jobs by 2010. The news came as the bank announced it had lost about 2bn Swiss francs in the first three months of 2009. UBS has been one of the biggest banks hit by exposure to the sub-prime loans crisis in the US and ensuing turmoil. The Swiss bank is also being probed by the US authorities over alleged fraud and tax evasion involving US citizens.
Cut in VAT 'boosts retail sales'
Tue, 14 Apr 09 05:00 am
The government's much-criticised cut in VAT is working and has led to a big boost in consumer spending, according to The Centre for Economics and Business Research. CEBR says that the cut, which took effect on 1 December 2008, has led to GBP2.1bn of extra sales. The centre says the growth in retail spending is "remarkable" and argues that the temporary cut of 2.5%, which is due to expires in January 2010, should be extended for a further six months.
Rates expected to remain the same
Thu, 09 Apr 09 05:00 am
The Bank of England is likely to keep interest rates on hold today, with sharp cuts in recent months having left little scope for further reductions. Rates currently stand at an all-time low of just 0.5% after six cuts since October last year, when they stood at 5%.
Eurozone's GDP revised downwards
Wed, 08 Apr 09 05:00 am
The eurozone economy shrank more than previously estimated in the last three months of 2008, figures from Eurostat say. Gross domestic product in the 15-nation area (the figures do not include Slovakia) fell 1.6%, not 1.5% as predicted. The drop is the deepest quarterly fall to date and was brought on by a collapse in external trade.
Unemployment to reach 3.2 million
Tue, 07 Apr 09 05:00 am
Business leaders have warned that UK unemployment will reach 3.2 million in the third quarter of 2010. The British Chambers of Commerce said its survey showed a "worrying deterioration" in manufacturing, with exports reaching 10-year lows. The BCC said one bright spot came in the service sector where the rate of decline appeared to be slowing.
UK deficit 'more than predicted'
Mon, 06 Apr 09 05:00 am
According to the Institute for Fiscal Studies, the UK's deficit is about 2.7% more than Chancellor Alistair Darling acknowledged in the pre-Budget report. The government may have to find £39 bn a year by the end of 2015/16, to plug the gap in its finances, the IFS predicted.Mr Darling, who will present his Budget on 22 April, has said the recession will be more severe than forecast. In making its calculations, the IFS assumed that the government would ultimately have to cover bank losses of £130bn, which have so far not been included in the government's calculations.
"Surprise bounce" in house prices
Fri, 03 Apr 09 05:00 am
According to the Nationwide, house prices rose in March for the first time since October 2007. The building society said that property prices increased by 0.9% compared with the February. That reduced the annual rate of house price falls from 17.6% in February to 15.7% in March, with the average UK home costing £150,946. Nonetheless, Nationwide described the change as a "surprise bounce" and warned against concluding the market had turned.
World leaders agree trillion dollar aid deal
Fri, 03 Apr 09 05:00 am
World leaders yesterday agreed on a $1.1 trillion injection of financial aid into the global economy, with Gordon Brown claiming that the grand bargain he had brokered represented "a coming together of the world" which would speed recovery from the worst recession since 1945. The deal contains tougher-than-expected measures to tighten financial regulation, including a clampdown on tax havens.
Obama meets Brown for G20 talks
Wed, 01 Apr 09 05:00 am
US President Barack Obama has arrived at Downing Street for a meeting with Prime Minister Gordon Brown ahead of the G20 summit. World leaders are gathering in London to discuss ways to resolve the worst financial crisis since the 1930s.However, rifts have already begun to emerge, with France threatening to walk away from talks if its demands for stricter financial regulation are not met. The summit takes place amid tight security, with the police warning of "unprecedented" levels of protest.
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| Euros | 1.1917 |
| Swiss Francs | 1.4425 |
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