Exchange Rate Update for Overseas Property Buyers

Foreign Exchange Morning Market Commentary

US unemployment numbers showed a massive jump, way ahead of expectation in the non-farm payrolls. 533,000 were added to the claimant counts against an expected 320,000 and confirmed that recession in the US is well and truly entrenched. On the back of the that, nations that rely on exports such as China, Japan, Germany and the UK are looking more pessimistic.

The massive injections of cash liquidity and monetary easing by global central banks are likely to feed through to the real economy in the spring of 2009. In the meantime it is likely that the UK economy will continue to deteriorate. There is very little economic data out this week from the UK with just retail sales and UK trade numbers released tomorrow.

Current interbank prices as follows:

GBPEUR: 1.1590

GBPUSD: 1.4935

GBPDKK: 8.6250

GBPSEK: 12.1460

GBPCHF: 1.8078

GBPZAR: 15.2166

GBPJPY: 139.75

USDEUR: 0.7759

GBPAUD: 2.2530

GBPNZD: 2.7507

GBPCAD: 1.8722

My thanks to Bruce Borrie for this information.

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