Currency Rates

US$/GBP – 1.505

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Stronger than expected UK economic data saw sterling strengthen over 0.7% against the US dollar yesterday afternoon. A survey of purchasing managers showed that the UK’s services sector expanded at the highest rate for more than 3 years in February. In addition, a survey showed British consumer confidence at the highest level for 2 years. Many traders who had placed bets against the pound had to buy sterling back in order to cover losses which in turn helped to boost the pound back over $1.50/ £1. If positive data is reflected in first quarter GDP figures this may be enough for the Bank of England to put an end to their liquidity programme. The BoE meets today for the monthly interest rate decision. Whilst the rates are not expected to be raised from current record lows, the markets will wait to see whether any further money will be pumped into the economy. Last week saw several key members of the Committee allude to potentially pumping more funding into the economy if needed. Either way, there is likely to be some volatility. As always, get in touch sooner rather than later so that we can help take advantage if the rate moves in your favour.

In the USA, the ADP employment change showed 40,000 fewer jobs were shed in the US economy and in addition a purchasing managers survey showed manufacturing activity was improving. The US dollar fell marginally as traders wait for tomorrow’s Non-Farm Payroll data. This traditionally causes large market volatility. With the UK and European interest rate decisions out tomorrow, there is likely to be considerable movement. Get in touch now to avoid buying at a poor rate.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx