USD/GBP Rate & Comments for 21st July 2010
USD/GBP - 1.528
Sterling recovered from Monday’s losses yesterday as concerns over European bank stress tests saw investors taking profit from the stronger euro. Despite starting the day poorly after data on UK public finances came in worse than expected, the pound recovered against the euro and US dollar breaking back above 1.18/£1 and $1.5250/£1. Yesterday morning, data showed that the UK government was borrowing nearly £1.5bn more than expected. This was disappointing for many, who had expected the budget and spending cuts to have had an immediate impact. Falling share prices in the euro zone saw many investors take profit from the euro ahead of stress test results on Friday. This helped the pound recover against the euro. The key data out today is the minutes from the Bank of England’s recent interest rate policy meeting. It is again expected to show that only one member (Andrew Sentance) argued for an interest rate rise – if any more members join him, we could see strength from the pound. Call in now for a live price.
In the USA, the big news so far this morning was the sudden 1 ½ cent drop of sterling against the US dollar in early morning trading. However, this has been put down to a trading error (or ‘fat finger trade’) by a Dutch bank and the pound has already recovered ground. The major news out today is Federal Reserve Chairman Ben Bernanke’s presentation of the half yearly monetary policy report to the US senate. The US economy appears to be losing momentum, so today’s speech will be key. Get in touch now for a live exchange rate.
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.
Wednesday, 21 July 2010
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