Currency Rates

US$/GBP – 1.497

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Despite recovering against the US Dollar and euro throughout most of last week, sterling fell considerably this morning against the US dollar following concerns over the political and economic outlook for the UK in the run up to both the Budget on Wednesday and the election which must happen in the next couple of months. The pound fell back below the $1.50/ £1 as sentiment towards the pound remains very negative and concerns over the economy remain. Investors are also worried that the next government will not be able to effectively tackle the challenges facing the economy. It is a busy week on the economic calendar in the UK, with the Budget, inflation data and retail sales data. Today we see the Bank of England governor Mervyn King address the Royal Society in London. He is likely to reiterate that the UK still faces challenges – any mention of increasing the emergency funding in the economy will see sterling suffer. Get in touch now for a price, as this week is likely to be volatile.

In the USA, the dollar strengthened against the euro and US dollar despite Congress passing an ambitious $940bn health care bill that will subject US industries to new regulation and may worsen the country’s finances for many years to come. There is still a lot of confusion over Greek debt and what form a bailout will take. As a result, the US dollar is likely to benefit from risk aversion in the coming days as markets and investors head to the safety of the US dollar. Treasury secretary Timothy Geithner speaks today ahead of Friday’s final GDP data. Get in touch now for a price.

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