The Euro lost some of its recent gains overnight as the market remains weary of further central bank intervention by Japan and stronger than expected US manufacturing data released yesterday has helped push the USD higher. Japanese Finance minister Shiokawa said overnight that overseas monetary authorities accepted Japans Foreign Exchange intervention last week as the recent sharp decline in the USD had now become a global issue.
The Euro also has fallen of recent peaks against Sterling as UK house prices data released yesterday showed that house prices rose at their fastest annual rate since the late 80’s. Meanwhile Gordon Brown reiterated this morning in a newspaper interview that Britains five economic tests for joining the Euro would be rigorous and comprehensive as he stated that Britains ill-fated decision to join the ERM in 1990 had been based on insufficient study.
Todays main events will focus of Wim Duisenberg speaking in Brussels and on EU employment and consumer confidence figures, which will be released this morning.
Opening mid-market exchange rates:
1 Euro = GBP 0.6435/40
1 Euro = USD 0.9830/35
1 Euro = CAD 1.4960/65
1 Euro = JPY 118.15/20
1 Euro = DKK 7.4280/85
1 Euro = NOK 7.3850/55
1 Euro = CHF 1.4686/91
1 Euro = SEK 9.0790/95
1 Euro = AUD 1.7530/35
1 Euro = NZD 2.0195/00
1 GBP = EUR 1.5540/45
1 GBP = USD 1.5270/75
1 GBP = JPY 183.55/60
