EURO\/GBP – 1.1804
\nUS$\/GBP \u2013 1.6194
\nCHF\/GBP \u2013 1.5178
\nCAN$\/GBP – 1.5986
\nAUS$\/GBP \u2013 1.6131
\nZAR\/GBP \u2013 11.5378
\nJPY\/GBP \u2013 133.91
\nHKD\/GBP \u2013 12.6217
\nNZD\/GBP \u2013 2.1665
\nSEK\/GBP \u2013 10.3735
\nUS$\/EURO – 1.3717<\/p>\n
Sterling slipped against the \u2018safer haven\u2019 currencies yesterday as escalating tension in the Middle East and North Africa saw investors scale back holdings in riskier currencies. This saw sterling slip against the US dollar, Swiss franc and Japanese yen. The only real domestic news that caused any movement was speculation over the Bank of England\u2019s minutes from their recent interest rate policy meeting. The minutes are released today at 9:30am and are important because investors hope to get a better picture of the Bank\u2019s likely timescales for an interest rate hike \u2013 and whether any additional members joined the current two in voting for an interest rate hike. This is the big piece of UK data this week, so call in now for a live exchange rate.<\/p>\n
In the euro zone, uncertainty over the situation in Libya \u2013 with a mounting public revolt in full swing \u2013 saw the euro suffer as a \u2018risky\u2019 asset, falling by 1% against the US dollar. However, positive comments by yet another European Central Bank member saw speculation over European monetary tightening start to gain momentum and the euro recovered lost ground against its counterparts. Yves Mersch was quoted as saying that the ECB should \u2018change its language over inflation\u2019. Out today, there is no real data and Bank president Jean Claude Trichet makes a speech later on.<\/p>\n
In the USA, the rising tensions in Libya have pushed the price of Oil to a 2 \u00bd year high as concerns over the impact on global growth weighed on investors minds. Global stocks dropped by 1% and this saw large flows into the safe haven US Government bonds and as a result, US dollar strength. Out today, there is home sales data \u2013 the markets will be closely watching what is happening in Libya so call in now for a live exchange rate.<\/p>\n