Currency Rates

US$/GBP – 1.541

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 strengthened marginally against the euro yesterday as data showed that the UK’s trade deficit had narrowed to £6.18bn – better than the forecast figure of £7.35bn and the smallest budget deficit since June 2006. The pound jumped as the figures suggest that higher exports may lead to strong growth figures for the 1st Quarter of 2010. The pound hit a high of 1.1356/ £1 against the euro and $1.5480/ £1 against the US dollar before slipping marginally towards the end of the day. Data from the British Retail Consortium showed that retail sales grew at the fastest pace for a year last month. However, the early timing of Easter and a very poor winter may have caused a larger spike than normal. It is a relatively light day on the economic calendar today – the only data out is a consumer confidence survey by Nationwide. Despite a lack of data, bear in mind that as the election approaches, the pound is likely to be very sensitive to political data and as a result we could see a lot of volatility. Get in touch now to take advantage of relatively higher sterling prices.

In the USA, the US dollar fell by 0.1% against sterling as US trade balance data showed that the trade deficit widened by almost $1bn and import prices rose at a slower pace of 0.7% month on month against an expectation of 0.9%. Despite this worse than expected data, a survey of economic optimism showed a better than expected improvement from 45.4 to 48.4 which helped stop the US dollar from falling further through the day. Out today, there is consumer inflation data, retail sales data and Fed Chairman Ben Bernanke testifies to Congress in Washington D.C. With a relatively busy day on the economic calendar, it is worthwhile getting in touch as early as possible to avoid missing out if the rate moves 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