FX Commentary – 18Nov

Posted: 18 Nov 2009, 7:27pm (FOREX)


As the USD has hit lows against a basket of currencies, cable has rallied steadily over the past 4 weeks. Trading at just below the $1.68 level, further greenback weakness could be the prelude for us moving closer to the $1.70 level. CPI data released today may well impact on the direction for the dollar.

The US Dollar Index fell back 0.4% to 75.097.

The Bank of England have released the minutes from their November meeting, where they agreed to print a further £25bn, but it was not unanimous – only 7 of the 9 members voted for this.

All eyes will be on the CPI data, due for release at 1330 this afternoon. This will give us an idea of inflationary issues currently present in the US.

The OECD have called Japan’s fiscal situation a cause for concern, citing rising public debt.

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