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US$/GBP – 1.505
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Sterling had yet another poor Monday against the US dollar as further opinion polls published over the weekend showed a narrowing Conservative lead in the run up to the election – now widely expected to be May 6th. The pound dropped nearly 1% against the US dollar as house price data showed the smallest rate of house price growth for 13 months. Sterling gained initially yesterday as credit rating agency Moody’s maintained the UK’s AAA credit rating on Friday despite a budget deficit that is forecast to hit £178bn – more than 12% of GDP. Comments from Kate Barker (a member of the Bank of England’s Monetary Policy Committee) also hurt the pound as she predicted the UK economy would contract in the 1st Quarter of 2010. The main news this week is tomorrow’s minutes from the last meeting of the Bank of England. Traders will be looking to the minutes for any clues that the Bank will increase the emergency funding of the UK economy. Today we have some house price data out which is expected to show an increase in prices. Political concerns are weighing heavily on the pound and there is still potential for the pound to drop further – get in touch now to avoid adverse movements against you.
In the USA, data out yesterday showed that net foreign purchases of long term US securities (e.g. US Government bonds) increased at a far slower pace in January. This is indicative of an increase in global risk appetite, yet still shows that there was a net demand for US based investments and as such shows the reason why sterling has fallen by nearly 10% against the US dollar since the New Year. The key data out today is the FOMC interest rate decision and associated statement. There is no expectation of a change to rates, but the rhetoric in the statement is expected to be positive. Get in touch now to avoid the market moving against you.
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
Tuesday, 16 March 2010
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