USD/GBP Rate & Comments for 25th June 2010
USD/GBP - 1.492
Sterling extended gains yesterday and hit the highest level since November 2008 against the euro after renewed sovereign debt fears in Greece contrasted sharply with a new found optimism that the UK budget cuts will rein in the country’s record deficit. Following the new government’s emergency budget, investors are now confident that the UK is well on the way to being on a stable financial footing again. One of the big drivers yesterday was investors buying back sterling after placing extreme bets that the pound would fall. This extra demand has seen the pound at a 5 month high against a basket of major currencies, after peaking yesterday at 1.2222/£1 and $1.5011/ £1. We have the G8 meetings going on today, and any positive rhetoric will continue to have a strong effect on the pound. Get in touch now for a live price.
In the USA, the final estimate of GDP for the 1st Quarter is expected to be uneventful with growth forecast to remain unchanged at 3% year on year. This ends a relatively disappointing week for the US economy – particularly from housing data. On the other hand, jobless claims fell unexpectedly by 19,000 which came as a welcome surprise. Next week’s June employment report will give a clearer picture of the Labour market in the USA. We are looking at particularly good sterling strength against the US dollar – get in touch now to avoid losing out.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Friday, 25 June 2010
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