General News:
• In Australia the reserve Bank of Australia raised interest rates by 0.25% to 6.25% as expected.
Profit-taking in long positions has caused minor softness in the Aussie and Kiwi dollar.
• Oil prices dropped 4% as funds sold the price down ahead of OPEC’s announcement that production
will be cut. Oil now trading $58.96.
• Airbus owner EADS took a blow as Fedex cancelled their order for the gargantuan A380.

GB POUNDS/US DOLLAR 1.9057
GB POUND/EURO 1.4917
EUR/USD 1.2772
GBP/JPY 224.19
GBP/AUD 2.4751
GBP/NZD 2.8452
GBP/ZAR 14.0333
GBP/CHF 2.3815
GBP/CAD 2.1551
GBP/SGD 2.9748
GBP/THB 69.951
GBP/HKD 14.8360

Thursday 9/11/2006
• Dollar flat as direction sought
• US trade data due out this afternoon
• Bank of England rate decision at noon
• Aussie dollar drops on employment data
• Euro trading range bound
• Oil rises as US distillate inventories drop
• Rand labours around 14.00

US Dollar:

The Greenback stumbled near its lows against the major crosses as investors wrestled with the impact
of the outcome of the US mid-terms.
Trade is due to be flat this morning as the markets wait for US trade numbers at 1330 GMT. The figure
is expected to rise to $66.9 bln after the August low of $69.9 bln. The August figure could prove to be
the peak in the cycle given the decline in energy prices.
Stock markets in the US were modestly down as the uncertainty from the mid-term result weighed equities
down.

Pound:
The Bank of England’s Monetary Policy Committee announce the interest rate decision for November at
noon today. The markets are fully expecting a 0.25% rate hike to a 5-year high of 5.0% to counter the
above-target inflation. Anything less than a hike will send the pound into freefall.
The UK trade balance is released at 0930 GMT and is set to fall slightly as energy prices ease away
from their August peaks.

Aussie Dollar:

The dollar continued to fall in overnight trade as employment data for October showed the unemployment
rate dropped to a 30-year low.
This and the slightly dovish tone from the Reserve Bank of Australia has seen the dollar drop by 2cents
since Tuesday.

General News:

• The Euro continues to do gain or lose ground. Markets are still looking for any hint that rates
would not be going up in December.
• The South African Rand still labours around the 14.00 mark against sterling as investors look for
direction.
• US distillate inventories dropped on Wednesday causing oil to rise by over a dollar to $59.59

GB POUND/US DOLLAR 1.9071
GB POUND/EURO 1.4917
EUR/USD 1.2782
GBP/JPY 224.54
GBP/AUD 2.4854
GBP/NZD 2.8692
GBP/ZAR 13.9802
GBP/CHF 2.3817
GBP/CAD 2.1555
GBP/SGD 2.9791
GBP/THB 69.958
GBP/HKD 14.8466

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