USD/GBP Rate & Comments for 3rd June 2010
USD/GBP - 1.470
Sterling fell against the US dollar after the boost provided by the collapse of Prudential’s bid to purchase the Asian arm of AIG subsided throughout the day. Once Prudential’s anticipatory billion dollar positions were cancelled, there was little further demand for sterling and the focus switched back to general risk sentiment. With little new political or economic news, the pound fell by around 0.4% at one point in the afternoon from a high of $1.4770/ £1 before stabilising later on in the afternoon. After a bright start against the euro (hitting 1.2073/ £1 at one point) the pound slipped off, but remained above 1.19/ £1. Data out today showed that mortgage approvals slightly more than expected and lending fell for the first time since November. Out later today we have Halifax house price data and also service sector data which can have a large effect on the price. Get in touch now to avoid missing out.
In the USA, pending home sales data jumped unexpectedly to 6% against an expected rise of 4.9%. As a result, this helped strengthen the US dollar against most currencies alongside a move to slightly safer assets as risk aversion returned to global investors. Out today, there is important unemployment data which is expected to show that the US economy gained around 68,000 jobs in the last month. Call in now for a price as there is still considerable volatility.
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.
Thursday, 3 June 2010
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