Pound Sterling - UK Markets

Currency transfer rates for the pound are relatively unchanged this morning, despite positive growth figures in the US. Sterling has gained against the yen, euro and Australian dollar while falling against the US dollar and Asian currency partners.

Despite positive growth figures in the US yesterday the pound has failed to capitalise on these gains, remaining in the region of 1.59 against the US dollar. This mornings figures show the UK PMI for manufacturing has slipped back in September, declining to 49.5 after recording 49.7 the previous month. The UK is still expected to return to growth in the third quarter with interest rates rising to 1% in mid 2010. Halifax house prices and the PMI for construction are due tomorrow.

US Dollar - US Markets

Currency transfer rates for the US dollar spiked overnight, rising against its major currency partners with the exception of the New Zealand dollar and the Israeli shekel. The greenback is currently trading at 0.68 to the euro and 0.62 to the pound.

US GDP figures for the second quarter were revised upwards to -0.7%, ahead of the estimated -1% triggering confidence that the US is on the road to recovery. However, weak manufacturing data released later in the day capped market confidence, allowing US dollar and yen exchange rates to hold firm. Overnight the IMF has raised growth forecasts for 2010, forecasting 3.1% global growth. Today in the US markets will be interested in the unemployment rate and personal consumption figures.

Euro - European Markets

Euro currency transfer rates are weaker this morning, falling 0.45% against the US dollar and 0.5% against the pound. The euro is also weaker against its major European and Asian currency partners, with the exception of the Swiss franc and South African rand.

This morning's figures show unemployment rose across the region in August, reaching 9.6%. This comes after the German unemployment rate fell yesterday, with the economy adding 12,000 jobs in the last month. Also this morning German retail sales have come in weaker than expected, while manufacturing sector PMIs across Germany, Switzerland and the Eurozone have recorded positive results. There is no further data in the eurozone today.

Other Currencies - Highlights

Currency transfer rates for the Indian rupee gained overnight after the country recorded increased manufacturing output for the last month and export levels declined at the slowest rate this year. The IMF has reported that demand from Asian economies will help lift the global economy out of recession. South Korea and China have also recorded an expansion in the manufacturing sectors.

Canadian GDP levels are unchanged in the previous month, rising just 0.1% in June as an increase in automobile manufacturing figures was offset by lower mining activity and commodity exports. While the Canadian economy is slowly picking up, unemployment is currently running at 8.7% and the central bank is predicting growth of 1.3% this year, above IMF estimates.