Saturday, 20 October 2007

US$ rates and comments - week commencing 22nd October 2007

Sterling is holding its own. The minutes of the last Bank of England meeting were released and the vote had been 8 to 1 to keep UK interest rates on hold. The credit crunch was obviously a concern but inflation is still a worry to the BOE. The last inflation figure of 1.8% was within the 2% target and we now wait for the next inflation report in November. New mortgages are slowing down as the UK housing market begins to slow.  Still difficult to see much upside for sterling short term.

 

The US$ is pushing towards US$2.05/£1 [currently US$2.048/£1 inter bank]. Economic data, especially housing, has been poor. Also the US third quarter reporting season for the stock market is in full swing and the financial sector has been performing badly. There is now talk of possible further cuts in US interest rates later this month which is of concern for the US$. All in all not a pretty picture for the US$

 
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