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Dollar Rises on Speculation Fed Officials Will Signal Rate Cuts Finished The dollar rose for the first time in four days against the euro on speculation Federal Reserve policy makers will signal inflation may prevent further reductions in interest rates.
Dollar Bulls Gain Control as Futures Signal High-Flying Euro Close to Peak For the first time since December 2005, futures traders are turning bullish on the dollar.


Americas



Brazil's Real Rises on Bets Benchmark Interest Rate Differential to Widen Brazil's real rose on bets of a widening yield advantage for local fixed-income assets amid economists' expectations for accelerating inflation and higher central bank benchmark interest rates this year.
Mexican Peso Rises as Gaining Stocks Spur Demand for Emerging-Market Debt Mexico's peso rose the most in six months as gains in stocks sparked demand for higher-yielding assets in emerging-market countries.
Canadian Dollar Is Little Changed as March New-Home Prices Match Forecast Canada's dollar was little changed after a government report showed housing prices rose in March, matching economists' forecasts.


Europe



Pound Rises on Bets BOE Won't Speed Rate Cuts, as Producer Prices Surge The pound rebounded from a three-month low against the dollar and climbed versus the euro after a surge in U.K. producer prices prompted traders to pare bets the Bank of England will cut interest rates next month.
Swiss Franc Falls Against Dollar as Stock-Market Gains Stoke Carry Trades The Swiss franc fell by the most in a week against the dollar as gains in stocks around the world encouraged investors to buy higher-yielding assets financed with loans from Switzerland.
South African Rand Rallies on Speculation Over Foreign Offer for MTN South Africa's rand snapped a three- day decline against the dollar on speculation Johannesburg-based MTN Group Ltd., the continent's biggest mobile-phone operator, will be bought by a foreign company.


Asia



Australian Dollar Gains on Yield Demand; New Zealand Dollar Little Changed The Australian dollar rose as rising stocks gave investors confidence to purchase higher-yielding assets. New Zealand's dollar pared gains as a government report showed food prices rose at the slowest pace in eight months.
South Korean Won Advances for Second Day as Overseas Investors Buy Shares South Korea's won, Asia's worst performing currency this year, rose for a second day as overseas fund managers increased purchases of the nation's assets. Government bonds fell for a sixth day.

Gold Fields Pays Dividend As Power Supply Stabilises

12 May 2008
Posted to the web 12 May 2008

Johannesburg

THE stabilisation of the electricity supply to its mines and a gold price at more than R220000/kg encouraged Gold Fields to declare on Friday the dividend it passed at interim stage because of the uncertain power situation.

CEO Nick Holland told the group's third-quarter presentation to media and analysts it would pay 65c per share. This was slightly below its usual proportion of earnings, but Gold Fields had substantial capital investments to make, he said.


At interim stage last year Gold Fields declared a dividend of 90c.

Gold Fields has expansion projects in SA, Peru, Ghana and Australia. In the September quarter its Cerro Corona mine in Peru is due to ship its first gold concentrate and its carbon-in-leach expansion project at Tarkwa in Ghana will also come on stream.

Cerro Corona will deliver about 350000oz a year of gold and byproducts at a total cost of about $400/oz, which is well below the group's average cost. The Tarkwa expansion will add another 80000oz- 90000oz of gold a year.

The group produced 827000oz of gold in the March quarter, down from 960000oz in December, because of power outages. But a higher gold price and weaker rand, combined with lower local operating costs, resulted in a 26% increase in operating profit to R2,6bn compared with December.

Core earnings, which excludes gains and losses on financial instruments and exceptional items, rose 67% to 155c per share.

Holland said that if power were maintained to its South African mines, the group could increase production 2%-4% in the June quarter over March, while production from international operations would be flat.

Commenting on the spate of accidents at South Deep and Driefontein two weeks ago, Holland said it had been "a terrible time" for the group. If Gold Fields could not mine safely, it would not mine and it was reviewing all its safety policies and procedures to see if it needed to do things differently.

He said there would be no change of strategy under the new leadership that came on board on May 1, after the departure of CEO Ian Cockerill, because the same team had formed Gold Fields' strategy in the past few years.

May 13, 2008
Gold futures drop after dollar gains against euro

Gold prices fell sharply Tuesday after the dollar gained some muscle against the euro, weakening the appeal of precious metals as an inflation hedge.

Other commodities traded mixed, with crude oil shooting to a new record near $127 a barrel and agriculture futures broadly falling.

The dollar rebounded after Federal Reserve Chairman Ben Bernanke said Monday that turmoil in financial markets was "far from normal" but had eased somewhat. Bernanke credited the improvements to the Fed's efforts to help distressed banks and investment firms overcome the credit crisis, including slashing interest rates and a decision in March to temporarily allow investment firms to obtain emergency financing from the Fed.

A stronger dollar encourages investors to sell hard assets like gold and silver, which are considered safe-haven investments during times of rising inflation.

"The dollar has moved higher on Bernanke's comments and that has in turn led to a flight out of precious metals," said James Steel, analyst with HSBC in New York.

Gold for June delivery fell $15.30 to settle at $869.60 an ounce in light trading on the New York Mercantile Exchange, after earlier falling as low as $861, its lowest level in a week.

Gold has gained 20 percent in the last year, driven up by a weak dollar, record-high crude prices and nervousness about the U.S. economy. However, the metal has lost some of its luster lately as the dollar has stabilized, falling well below its all-time high of $1,038.60, reached March 17.

Steel said the lower prices could spur demand for jewelry and other gold products, helping the metal pare some of its recent losses.

"We tend to see jewelry demand pick up when prices fall so I suspect to see the bottom cushioned somewhat," he said.

Other precious metals also traded lower Tuesday. Silver for July delivery fell 39.7 cents to settle at $16.828 an ounce on the Nymex, while July copper lost 1.80 cents to settle at $3.7315 a pound.

In energy futures, crude oil jumped to a new record near $127 a barrel on concerns that Iran may consider cutting crude oil production.

Light, sweet crude for June delivery rose as high as a record $126.98 a barrel in midday trading on the Nymex before falling to settle at $125.80, still up $1.57.

Other energy futures also rose. June gasoline futures rose 3.58 cents to settle at $3.20 a gallon, and June heating oil futures rose 13.91 cents to settle at $3.6989 a gallon after earlier rising to a record $3.7146.

In agriculture markets, soybean futures shot up on expectations that warm, drier weather in Midwestern states will prompt farmers to dedicate more acres to corn.

Soybeans for July delivery jumped 37 cents to settle at $13.795 a bushel on the Chicago Board of Trade, after earlier rising to a three-week high of $13.82.

Other agriculture futures fell. Corn for July delivery dropped 7.5 cents to settle at $6.0725 a bushel on the CBOT, while July wheat fell 9.75 cents to settle at $7.9575 a bushel.

U.S. rice futures, meanwhile, lost 50 cents to settle at $22.24 per 100 pounds.

Precious metals modestly higher
6 Jun 2008 4:02 pm

London - Precious metals were modestly higher Friday due to euro strength against the dollar, but traders and analysts said this could be short lived and the complex could find itself under renewed pressure next week if the dollar recovers.

As of 03.05 pm IST, spot gold traded at USD883.40 a troy ounce, up 2 per cent from Thursday's low. Spot silver and platinum both hit one-week highs, with silver up 4.3 per cent at USD17.23/oz and spot platinum up 3.7 per cent at USD2,047/oz. Spot palladium was 2.6 per cent higher at USD430.50/oz.

A euro rebound against the dollar that began Thursday and has lifted precious metals into Friday, but could prove short-lived, said Mitsubishi analyst Tom Kendall. Momentum is still "broadly with the dollar in the short term which will weigh on gold," he said.

The currency was lifted by comments by European Central Bank President Jean-Claude Trichet, suggesting interest rates could be raised by 25 basis points at the next meeting to deal with 3.6 per cent inflation in the region, the highest level in some 16 years.

As of 03.14 pm IST, the euro traded up at USD1.558 against the dollar from USD1.537 Thursday.

In the very near term, metals are expected to stay rangebound ahead of US nonfarm payrolls figures for May at 06.00 pm IST, seen down 60,000 jobs.

"It is possible that financial markets will adopt a cautious tone ahead of the data release, which could exert pressure on precious metals as investors adopt a prudent investment strategy," said Standard Bank.

Looking into next week, "you have to be a bit cautious because crude does seem to be staging a bit of a turnaround. If crude manages to get over USD130 a barrel and stay there, that will be supportive (for precious metals)."

Dollar weakness helped crude jump USD2 a barrel Friday.

Next week Federal Reserve Chairman Ben Bernanke will speak at a conference in Boston on inflation, which could give U.S. authorities a platform to further support the dollar, Kendall said.

Further out, inflation pressures, the likely widening of the Euro/U.S. interest rate differential and the vulnerability of the U.S. economy to recession, suggest spot gold's longer-term outlook remains bullish with gold "on course to regain USD1,000/oz during the second half," said analyst James Moore of TheBullionDesk.

Gold, silver recover in spot markets
6 Jun 2008 6:02 pm



Mumbai - Encouraged by the gains in international bullion market, spot gold and silver recovered respectably amid renewed interest among traders at major domestic markets across the country Friday. Traders say, the market is however still very cautious over movement of the US dollar. Gold and silver futures were trading slightly higher on the MCX.

In London, precious metals were modestly higher Friday due to euro strength against the dollar, but traders and analysts said this could be short lived and the complex could find itself under renewed pressure next week if the dollar recovers. As of 03.05 pm IST, spot gold traded at USD883.40 a troy ounce, up 2 per cent from Thursday's low. Spot silver hit one-week high and traded up 4.3 per cent at USD17.23/oz.

Spot gold slightly higher in Asia Friday, with the dollar staying on the backfoot, protecting gold from revisiting overnight lows. Remarks from European Central Bank Governor Jean-Claude Trichet that pointed to a possible rate hike at the next ECB rates meeting boosted the euro against the greenback overnight, helping gold to lift from a three-week low. At 01.14 pm IST, gold traded at USD879.40/oz, up USD1.40 on the New York close. Silver was unchanged at USD17.15/oz.

In Mumbai spot bullion market, Gold (995) closed up Rs 115 at Rs 12,335/10gm while Gold (999) ended up Rs 135 at Rs 12,385/10gm. Silver (.999) closed up Rs 690 at Rs 24,490/kg. Arrivals in gold were recorded at 50 kgs and that in silver were 100 kgs.

In Ahmedabad, Gold (995) ended up Rs 132 at Rs 12,332/10gm while Gold (999) closed up Rs 131 at Rs 12,382/10gm. Silver (.999) closed down Rs 1394 at Rs 22,240/kg.

In Jaipur, Standard Gold traded up Rs 100 at Rs 12,300/10gm while Silver traded up Rs 700 at Rs 24,000/kg.

In Delhi, Gold (995) ended up Rs 110 at Rs 12,360/10gm while Gold (999) closed up Rs 110 at Rs 12,420/10gm. Silver (.999) closed up Rs 880 at Rs 24,250/kg.

In Nanded, Gold traded up Rs 150 at Rs 12,300/10gm while Silver traded up Rs 500 at Rs 23,600/kg.

In Latur, Gold traded up Rs 70 at Rs 12,390/10gm while Silver traded up Rs 950 at Rs 24,450/kg.

At 05.37 pm IST, MCX benchmark August gold contract traded up Rs 57 at Rs 12,230/10gm whereas MCX benchmark July Silver contract traded up Rs 94 at Rs 24,070/kg

Spot gold, silver trade green
9 Jun 2008 6:01 pm

Mumbai - Supported by the gains in international bullion market, spot gold and silver traded higher amid renewed interest among traders at major markets across the country Monday. Gold and silver futures were, however, trading lower on the Multi Commodity Exchange (MCX).

Precious metals, weighed slightly by a drop in crude oil prices Monday, are poised to continue rising, traders and analysts said as financial markets renew worry about the US being in a recession and investors seek assets to avoid the associated risks. At 02.52 pm IST, spot gold was trading at USD904.10 a troy ounce, up 3 per cent from Friday's low. Spot silver was trading at USD17.48/oz, up 2.2 per cent.

Spot gold traded sideways in Asia Monday, catching its breath after rallying nearly 3 per cent on crude oil's spike at the end of last week to USD139 per barrel. Holidays in Hong Kong, China and Sydney thinned volumes, and left most market players looking to European markets for direction, with European Central Bank President Jean-Claude Trichet due to give a speech later in the day. At 12.40 pm IST, spot gold was trading at USD902.05 per troy ounce, down 15 cents from Friday's close. Silver was trading 2.2 cents higher at USD17.522/oz.

In Mumbai spot bullion market, Gold (995) closed at Rs 12,655/10gm while Gold (999) ended at Rs 12,705/10gm. Silver (.999) closed at Rs 24,720/kg. Arrivals in gold were recorded at 50 kgs and that in silver were 90 kgs.

In Ahmedabad, Gold (995) ended at Rs 12,640/10gm while Gold (999) closed at Rs 12,690/10gm. Silver (.999) closed at Rs 24,745/kg.

In Jaipur, Standard Gold traded at Rs 12,600/10gm while Silver traded at Rs 24,800/kg.

At 05.35 pm IST, MCX benchmark August Gold contract traded down Rs 61 at Rs 12,147/10gm whereas MCX benchmark July Silver contract traded down Rs 184 at Rs 24,499/kg

Spot gold poised for gains
9 Jun 2008 3:41 pm



London - Precious metals, weighed slightly by a drop in crude oil prices Monday, are poised to continue rising, traders and analysts said as financial markets renew worry about the US being in a recession and investors seek assets to avoid the associated risks.

At 02.52 pm IST, spot gold was trading at USD904.10 a troy ounce, up 3 per cent from Friday's low. Spot silver was trading at USD17.48/oz, up 2.2 per cent. Spot platinum was trading at USD2,057/oz, up 3.2 per cent. Spot palladium was trading at USD434/oz, up 2.5 per cent.

The likelihood that the U.S. is in a recession appeared to increase Friday after data showed that unemployment rose sharply and payrolls shrank for the fifth consecutive month and gold prices rose as a result.

At the same time, crude oil hit a new record high and the U.S. dollar weakened against the euro. The dollar continues to sag against the euro Monday while crude oil futures are trading down around USD3, which is denting some of gold's earlier gains, traders said.

Gold prices have the potential to rise further Monday as U.S. labor market figures dampen market expectations of a Fed rate hike, which could exert yet more pressure on the dollar, said Standard Bank analyst Manqoba Madinane.

"We believe the dollar should remain under pressure in the near term - which should support precious metals today," Madinane said. There is "upside potential" with primary support at USD898/oz and primary resistance at USD903/oz, Madinane added.

If gold breaks above the medium-term trend resistance line at USD911.9/oz Monday, then the price could test USD916.7/oz and then USD932/oz, said FuturesTechs analyst Clive Lambert. However, if gold fails to move above those, then it could be an opportunity to sell, he said.

Either way, gold prices will be volatile in the coming sessions as increased economic and inflationary concerns following data releases Friday are expected to attract investors back to the precious metals as they seek to offset risk, said TheBullionDesk.com analyst James Moore.

Gold should now look to challenge pivotal resistance at USD904.50/oz, which if cleared should open the way for a challenge of the 100-day MA at USD918.95/oz, Moore said. Support is expected back at USD897.95/oz.

Platinum also rose Friday, but is down slightly from earlier gains Monday. Dips back towards USD2,000/oz should find strong support due to tight market fundamentals, while the scale of investment demand coming into the market and supply disruptions are set to push platinum to new highs later in the year, TheBullionDesks' Moore said.

5 Most Important Events for the Forex Market This Week
Monday June 9, 3:40 am


Event risk for the forex market lies primarily on the US dollar side, as the Fed’s Beige Book report, Advance Retail Sales, and CPI will all hit the wires. Meanwhile, the commodity dollars may face rocky price action thanks to volatile crude oil trade, a rate decision by the Bank of Canada, and the release of the Australian Net Employment Change.



• Bank of Canada Rate Decision – June 10

According to a Bloomberg News poll of economists, the Bank of Canada is expected to cut rates by 25bps on Tuesday to 2.75 percent, the lowest target rate since October 2005, as a probable recession in the US threatens the Canadian economy. However, there is some potential that the BoC will leave rates unchanged. The most recent reading of the consumer price index showed that both headline and core inflation pressures were building faster than expected, as headline CPI jumped to an annual rate of 1.7 percent while the BoC’s core measure rose to 1.5 percent. While this is still well below the BoC’s 2 percent target, persistent strength in commodity prices creates significant upside inflation risks and as a result, the Bank may start to become a bit more hawkish once again. Furthermore, BoC Governor Mark Carney made comments in late May that suggested that the Bank believes that Canadian credit conditions have improved enough that they may be able to start cutting back on their efforts to boost liquidity in the nation’s markets. Mr. Carney said the Bank should evaluate “when intervention has been sufficiently successful for it to exit” and that bank funding costs “have fallen markedly over the last few weeks and are substantially below equivalent spreads in some other currencies.” While the deterioration in the Canadian economy remains a problem, especially following the surprising 0.3 percent contraction in Q1 GDP (annualized) on the back of a slump in exports, the BoC may find that a rate cut is not necessary this month. If the Bank does indeed cut rates by 25bps, traders should keep an eye on the subsequent monetary policy statement, as it may indicate that they have no intention of cutting rates further. The Canadian dollar is likely to show an immediate reaction to the 9:00 EDT announcement, no matter what the BoC chooses to do. Discuss the rate decision and the Canadian dollar with other traders in the USD/CAD Forum.

• Federal Reserve’s Beige Book Report – June 11

As a summary of economic conditions throughout each of the 12 Fed districts, the report – released at 14:00 EDT – will give key insight into how the FOMC views the economy. Some of the key factors to watch will be employment, consumption, and inflation data, especially as the US unemployment rate has rocketed to a four-year high of 5.5 percent. However, comments by Federal Reserve Chairman Ben Bernanke early last week have made it clear that the FOMC is done cutting rates for the time being. Indeed, we saw the US dollar rally as Mr. Bernanke said that “policy seems well positioned to promote moderate growth and price stability over time.” Nevertheless, though signs of bearish FOMC sentiment on the economy will not necessarily indicate potential for a rate cut at the end of the month, pessimistic views will still weigh on the US dollar. On the other hand, a pronounced focus on rising consumer prices could lead the currency to rebound.

• Australian Net Employment Change – June 11

The Australian labor markets have tightened substantially over the past few years, as the unemployment rate dropped to multi-decade lows of 4.0 percent in February. While this rate ticked higher in recent months to hit 4.2 percent in April, conditions remain resilient and this has driven wages higher, boosted disposable income, increased domestic demand and economic growth in general, but has also fueled inflation. Indeed, the Australian labor markets are expected to add on another 13,500 workers in May, and like the US Non-Farm Payrolls release, the figure rarely meets expectations and can lead to volatile short-term price action for the Australian dollar immediately following the news at 21:30 EDT.

• US Advance Retail Sales – June 12

Advance Retail Sales are expected to rebound 0.5 percent after slipping 0.2 percent gain during the month prior, but given the current economic scenario, this figure could be deceiving when announced at 8:30 EDT. Indeed, consumer confidence is rapidly deteriorating and energy prices continue to skyrocket. There is little doubt that retailers are contending with difficult circumstances as they are forced to offer the biggest discounts possible in order to draw customers, which will negatively impact profit margins. However, there is potential for the Advance Retail Sales index to actually show a positive increase as the result of prices, namely, sales at fuel stations and of food. Indeed, this index is not adjusted for inflation and average gas prices rose above $3.50/gallon during the month and have only continued to rise.

• US Consumer Price Index – June 13

The US headline consumer price index for the month of April is expected to rise 0.5 percent upon release at 8:30 EDT, while the annual rate of growth is forecasted to hold at 3.9 percent. A bulk of the increase will likely be the result of food and energy price gains, especially as oil traded from approximately $115/bbl to over $130/bbl over the course of the month. Meanwhile, core CPI is anticipated to show a mild 0.2 percent rise for the month, which would leave the annualized reading at 2.3 percent. However, if any of these figures surprise to the upside or downside, the markets will respond accordingly and the moves could be dramatic. On the other hand, if the CPI reports are released in line with expectations, Treasuries, the US dollar, and US stock markets may simply trade quietly.

See the DailyFX Calendar for a full list and timetable of upcoming event risks.

FOREX-Euro rides high on July rate rise speculation
Euro hits six-week high vs dlr on expected ECB rate rise

Yen falls broadly, hits seven month low versus euro

LONDON, June 9 - The euro hit a six-week high versus the dollar and a seven-month peak against the yen on Monday, bolstered by expectations of a European Central Bank rate hike next month.

Prospects of such a move were flagged on Thursday when the ECB left policy on hold at 4 percent as forecast, but president Jean-Claude Trichet said it was on high alert over inflation and a number of policymakers supported raising rates.

Bets of a July hike were supported further by hawkish comments from his colleagues on Friday.

In a sign that the European economy is taking a stronger euro in its stride, the Sentix group's monthly index of sentiment in the euro area rose to 5.2 from 3.5, its highest level since January.

In contrast, the dollar's yield appeal was hit on Friday by news of the biggest jump in the U.S. unemployment rate in 22 years, to 5.5 percent in May, denting expectations the Federal Reserve will hike interest rates before the year is out.

"Investment banks have revised their forecasts and are now predicting a rate hike as soon as July as price pressures mean that the ECB will start to tighten rates," said John Hydeskov, senior FX analyst at Danske Markets in Copenhagen.

"This has pushed up euro/dollar as it combined with the lousy unemployment data which was the latest in a stream of really bad data."

Oil prices also weighed on the greenback, with crude holding within $2 of Friday's record high $139.12 per barrel [O/R].

"It seems like there is a strong correlation between the oil price and euro/dollar, with the ECB being more trigger happy when it comes to reaction to prices while the Fed is more concerned about growth," Hydeskov added.

The euro rose to a six week high of $1.5845 , and set a seven-month peak versus the ultra-low yielding Japanese currency at 167.15 yen according to Reuters data <EURJY=>.

The yen was also pressured against the dollar which rose 0.8 percent to 105.85 yen <JPY=>.

The pound got a rare boost from higher than expected UK factory gate inflation data, but it remained pressured near an all-time low versus the euro <EURGBP=> as a slew of weak UK data in recent weeks has undermined confidence in the UK economy.

RATE WATCH

A Reuters poll taken after Thursday's Trichet comments showed a median 47 percent chance of a July rate hike to 4.25 percent [ECB/INT], compared to the majority expecting that the next ECB move would be a cut in a poll taken a week earlier.

However economists remained more cautious on ECB rate expectations than markets.

"With markets now pricing in 75 bps of ECB hikes by year end however, we think there is a reasonable chance ECB officials will attempt to calm such speculation," Commerzbank Corporates & Markets said in a research note.

Further clues on the depth of the U.S. economic slowdown will come with April pending home sales figures at 1400 GMT.

The calendar also features speeches from ECB Governing Council member Guy Quaden as well as several Fed officials, including chairman Ben Bernanke at 2200 GMT.

Last week Bernanke surprised markets with a rare warning on currencies, saying the Fed was paying attention to the moves in the dollar and the implications for inflation.

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Forex - Dollar stays under pressure as new week kicks off
Mon, Jun 9 2008,

LONDON - The dollar weakened as trading in Europe got off to a new week and the U.S. currency was unable to shake off the poor sentiment after Friday's soft jobs report.


Additionally, the hawkish tone struck by European Central Bank chief Jean-Claude Trichet who warned of a July interest rate hike, has been propelling the euro to the detriment of the dollar


"The dollar remains under pressure after Friday's sell-off in light of the disappointing payroll data, although there has been little fresh direction around as European traders return after the weekend break," said James Hughes at CMC Markets.


Data showing that the German trade surplus continued to grow despite the strength of the common currency, had little impact but Hughes believes this could throw further weight behind speculation that the ECB will eye a rate hike in the next month or so to keep a cap on inflationary pressures.


Germany's trade surplus in April rose to 18.7 billion euros from 16.6 billion in March and up from 15.2 billion in April last year, according to provisional figures from the Federal Statistics Office. The latest data also beat expectations of a much smaller 16.0 billion surplus.


In the current climate analysts believe the euro could easily mount another charge to $1.60.


Over in the UK, the pound got a boost after producer prices were revealed to be growing higher at a rapid pace.


UK May output prices rose by their biggest monthly gain since 1981.


"Clearly however oil prices aren't being tempered so this will continue to push manufacturing costs higher, but the prospect of stagflation continues to loom large for the UK economy," said Hughes.


Later today, attention will be on U.S. pending home sales data. Pending home sales in April are expected to have dipped to 82.6 from a level of 83.0 in the previous month.




London 0839 GMT Tokyo 0300 GMT




U.S. dollar


yen 105.39 up from 105.23


Swiss franc 1.0165 down from 1.0198




Euro


U.S. dollar 1.5830 up from 1.5782


yen 166.85 down from 166.86


Swiss franc 1.6093 up from 1.6051


pound 0.8013 down from 0.8015


Pound


U.S. dollar 1.9773 up from 1.9685


yen 208.47 up from 207.18


Swiss franc 2.0099 up from 2.0074




Australian dollar


U.S. dollar 0.9631 up from 0.9606


pound 0.4868 down from 0.4878


yen 101.50 up from 101.10