Currency Rates
US$/GBP – 1.522
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Sterling climbed 1% against the US dollar and 0.3% against the euro following stronger than expected housing data and opinion polls showed a Conservative majority. The DCLG House Price Index (which measures the yearly change in the selling price of houses) was expected to show a 3.6% rise but in fact showed a 6.2% rise. Initially yesterday there were reports that the European Commission would recommend that the UK needed to do more to tackle the ballooning deficit. This saw early weakness from the pound but following the strong housing data and fresh opinion polls that showed a Conservative majority, sentiment towards sterling improved and the pound finished the day higher. Out today we have the minutes of the Bank of England’s March meeting and Unemployment claimant count. This is expected to show that all members voted to keep rates on hold. Any sign that the Bank will increase the emergency funding could see sterling fall further. In addition, eyes will turn to UK public spending data which is out on Thursday. Get in touch now to take advantage of the relative short term strength of the pound and avoid missing out.
In the USA, the US dollar traded lower against major currencies as the FOMC kept interest rates “exceptionally low” for “an extended period”. This has been the rhetoric for some time now, and many investors expect the Fed to shift to a more upbeat outlook as soon as April and look to raise interest rates. However, yesterday saw the interest rates kept on hold. Out today, we have month on month inflation data, which is expected to fall slightly. In addition, Ben Bernanke testifies before the House Financial Services Committee. The volatility between sterling and US dollar is relatively high at the moment – get in touch to take advantage of marginally better rates.
Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.mailm.co.uk/1/link.php?M=1446601&N=3382&L=3591&F=H
Wednesday, 17 March 2010
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