Currency Rates

US$/GBP – 1.492

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

Sterling dropped back below $1.50/ £1 again yesterday after a barrage of poor economic data and as credit rating firms issued warnings on the UK’s sovereign credit rating. In addition, fears of a hung parliament continued to weaken the pound as a Times opinion poll showed the Conservatives neck and neck with Labour. First off, sterling was hit as the latest RICS house price survey showed the biggest drop since April 2008. This was followed later by data showing the UK’s trade deficit had widened to the largest level since August 2008 as exports fell. This is particularly concerning as the Bank of England and many economists seem to have pinned hopes of a UK recovery on the fact that a weak pound should drive exports. However, demand for UK goods and services has clearly not been enough to narrow the trade deficit and this may be a driving factor behind potentially more asset purchasing and emergency funding by the Bank of England. Later this morning, we have manufacturing and industrial production data as well as a first estimate of UK GDP for February. We could see considerable movement yet again – get in touch now to avoid losing out.

In the USA, the US dollar continues to strengthen against sterling, and with little US data out yesterday and today the US dollar is taking a back seat and taking the lead from other currencies. With the rate back down below $1.50/ £1 it is a great time to fix the price if you have dollars coming in over the next few months and want to lock in the amount you will receive. Call in today to discuss forward contracts.

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