USD/GBP Rate & Comments for 29th July 2010
USD/GBP - 1.561
Sterling breached the $1.56/ £1 barrier as investors ignored downbeat comments from the Bank of England Monetary Policy Committee after a run of better than expected UK data. The pound continued to ride the wave of strong GDP and better than expected retail sales data and this saw investors treat sterling with optimism. Bank of England governor Mervyn King warned that strong second quarter growth data should not mean that monetary policy should tighten up; pointing out that significant risks still face the UK economy and that interest rates could drop further if needed. The pound shrugged off these comments and continued to strengthen against the US dollar after poor data from the USA left investors feeling happier holding sterling. Out today there is key house price data and lending data. Call in now as this could take the edge of the pound’s strong run.
In the USA, the US dollar fell against the pound after data on durable goods orders came in far worse than expected. ‘Durable goods’ orders are orders placed for the manufacture of trains, machines etc. – anything that takes several months to build. It is used as a measure of future growth in the economy, and this month showed a drop of 0.6% when it was expected to rise by 0.6%.The poor figures saw investors move funds into sterling as the UK is increasingly becoming a more attractive investment versus the USA. Get in touch now, as we have already seen further strength this morning from the pound.
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, 29 July 2010
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