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US$/GBP – 1.497
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Sterling fell yesterday after data yesterday morning showed that the rate of consumer price inflation fell. This reinforced expectations that inflation may have peaked for the time being and as a result the Bank of England is likely to keep monetary policy loose for some time to come. Last month, when inflation came in at 3.5%, many analysts expected to see an interest rate hike brought forward by the Bank. However, yesterday’s figure of 3.0% (which undershot expectations by 0.1%) reiterated Mervyn King’s comments that inflation would drop as the economy slowly recovered. In addition, two opinion polls out gave mixed messages with neither party gaining a clear majority but differing over which party would have the most votes. The big news today is the Budget. Markets will keep a very close eye on today’s announcement for any mention of deficit-cutting measures. Get in touch for a price, as there could be volatility following the lunchtime announcement.
In the USA, existing home sales were broadly in line with expectations. Today, there is data on new home sales released which is expected to show an increase from last month which would be positive. The US dollar strengthened against the euro and sterling yesterday following poor data in the UK and concerns over Greece. The volatile trend is continuing – get in touch today for a price, as we could see considerable movement following the Budget.
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
Wednesday, 24 March 2010
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