United States Dollar: GBP/USD has risen steadily over the last 24 hours whilst markets settle down in the run up to the xmas hols. It opens this morning at 1.5465. The USD is mildly weaker despite stronger US data released yesterday. Core durable goods orders (orders for capital goods) rose 2.4% vs. expectations for +1.7%. Risk is back on with the Dow Jones finishing up Thursday at a 2 year closing high. Not much going on today with zero data and little requirement for position adjustment.
– We expect a range today in the GBP/USD rate of 1.5440 to 1.5500
Euro: EUR/USD is flat. It trades at 1.3130 currently. The main news yesterday was another sovereign downgrade, this time being Hungary. Fitch shifted them to BBB- and negative outlook. It is likely to be a gentle finish to the day today and the same can be said of GBP/EUR. It opens this morning at 1.1770.
– We expect a range today in the GBP/EUR rate of 1.1750 to 1.1790
Aussie and Kiwi Dollars: AUD/USD and NZD/USD remain as they were yesterday. They open at 1.0042 and .7480 respectively. GBP/AUD and GBP/NZD remain lowly too and open up 1.5390 and 2.0650. Nothing has changed much in the last 24 hours and is unlikely to change much over the rest of the day.
– We expect a range today in the GBP/AUD rate of 1.5340 to 1.5420
– We expect a range today in the GBP/NZD rate of 2.0600 to 2.0700
