Currency Rates

US$/GBP – 1.536

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 seems to be enjoying some time in the sun gaining ground against most currencies over the last 24 hours. The Bank of England met and did nothing which was as expected. So no increase in interest rates or in their programme of quantitative easing. Other economic data was broadly positive as well which boosted confidence in sterling. The great unknown is the forthcoming general election. The worst possible world for sterling is a hung parliament. At the moment the opinion polls show the Tories ahead but is their lead enough to avoid a hung parliament. Only time will tell but this is going to lead to volatility for sterling so it makes sense to contact us sooner rather than later.

The news out of the US this week has been somewhat limited. The major issue on the minds of the Americans, other than Tiger Woods return to golf, is whether or not the Chinese are going to allow their currency the renminbi to start appreciating against the US$. Since the onset of the worldwide financial crisis the Chinese have kept the renminbi fixed to the US$ to help their exports. The Americans do not like this as it reduces their ability to export and have been applying pressure for the Chinese to allow the renminbi to appreciate. And guess what the more pressure that the US applied the less likely the Chinese were to change their position. But it does seem that given the world seems to be moving out of recession the Chinese are becoming more amenable to letting the renminbi appreciate. But sterling has gained ground this week and so please call us so we can help you take advantage of sterling’s strength.

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