Monday, 10 March 2008

Weekly US$ rates and comments - week commencing 10th March 2008

 
 

Sterling gained some ground against most currencies. The Bank of England kept UK interest rates on hold which was very much as the market expected. In February, UK consumer confidence continued to fall but the UK services sector did better than expected. This conflicting data highlights how difficult a job the BOE has. Cuts in UK interest rates are expected but timing will be the issue.

 

The US$ continues to fall and sits at US$2.017/£1 inter bank. Against the Euro the US$ is hitting ever greater lows. Unemployment in the US continues to rise and as Warren Buffet says on any sensible measure the US is in recession. US interest rates are expected to be cut next week. The interest differential with the UK and Euro land will become even greater and yet further loses for the US$ are likely.

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