USD/GBP Rate & Comments for 16th July 2010
USD/GBP - 1.542
Sterling continued its rally against the US dollar yesterday, hitting a 2½ month high of $1.5393 as risk appetite helped drive demand for the pound. Data in the UK was fairly thin on the ground and the movement was driven by strong data out of the USA. In addition, key ‘technical’ (i.e. mathematical analysis of exchange rate graphs) levels were breached – notably $1.5310/ £1 which has been a technical resistance point versus the November 2009 high of $1.6880/ £1. Breaking this barrier opened the door (from a technical perspective) for the pound to keep going towards $1.55/£1. In terms of fundamental data, there is little out today, but investors and traders are waiting for the first estimate of 2nd Quarter GDP for the UK – out next week. This should provide the impetus to push volatility and see the pound shoot up or drop back down. Get in touch now to ensure you don’t miss out on decent rates.
In the USA, with corporate earnings season well under way, JP Morgan’s earnings per share came in far better than expected. In addition, unemployment claims fell by more than expected with 429,000 people claiming unemployment benefits – a drop of nearly 20,000 on last month. This positive data drove a wave of risk appetite that saw investors move from US dollars into the ‘riskier’ assets of the pound and euro. So far this morning, we have seen this risk appetite drive the pound over $1.54/ £1. It seems set for $1.55/ £1 – call in now for a live price.
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, 16 July 2010
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