USD/GBP Rate & Comments for 19th July 2010
USD/GBP - 1.532
Sterling fell on Friday, hitting the lowest level against the euro since June 1st as strong European stock markets helped drive demand for the single currency. Strong corporate earnings from the USA have also helped drive demand for higher risk currencies. Given the concerns over sovereign debt in the region, the euro is perceived as one of the highest risk currencies, and as such, saw a surge in value on Friday as investors bought in. The euro’s strength also helped pull the pound away from the 2½ month highs against the US dollar, but the pound’s losses were limited against the US currency after it closed above a key technical level on Thursday. The start to the week is fairly quiet ahead of key data later in the week. Friday sees the 1st estimate for 2nd Quarter GDP alongside monthly retail sales data released on Thursday. The market is likely to move in relation to expectations over the GDP figure – call in now to ensure you get the very best rate.
In the USA, the US dollar continued its decline last week, with recent sluggish data raising concerns that the US recovery is slackening. A fall in wholesale prices for June and poor manufacturing data added to the US dollar’s woes. This contrasted sharply with UK data last week which showed a sharp fall in the number of people claiming unemployment in June. The pound also benefitted after closing above a key technical (i.e. mathematical figure on the chart) level on Thursday. It is a quiet week in the USA as well, aside from Ben Bernanke addressing the Senate on Wednesday. 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.
Monday, 19 July 2010
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