USD/GBP Rate & Comments for 12th July 2010
USD/GBP - 1.497
Sterling slipped against the USD dollar and euro on Friday as the post-election and budget rally seems to be coming to an end. After hitting $1.5141/ £1 on Thursday – the highest level since May – the pound is now trading at $1.4970/ £1. Data showed that factory gate inflation slowed more than expected, suggesting that the recent rise in prices may indeed be temporary as the Bank of England had predicted. Since the election and the emergency budget, the pound has performed well as investors feel that there is a clear plan in place to clear the deficit. However, it now seems clear that this will come at the cost of slow growth and as such sterling has begun to retrace gains seen recently. Out today, the focus is on final GDP figures for the 1st quarter, which is expected to remain at 0.3%. Out next week, there is the 1st estimate for 2nd Quarter GDP which is estimated at 0.7% by many. Get in touch now to ensure you buy at the right price.
In the USA, today marks the start of US ‘earnings season’ – when US companies release financial earnings data to the financial markets. With US data taking a notable turn for the worse over the last few months, many companies could trim their profit expectations. With the world taking the lead from the US economy, the next few weeks could see some interesting swings in sentiment and volatility on the currency markets. Federal Reserve Chairman Ben Bernanke speaks later today. Get in touch now to avoid missing 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.
Monday, 12 July 2010
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