USD/GBP Rate & Comments for 6th July 2010
USD/GBP - 1.517
The pound fell yesterday after weaker than expected data on UK services sector activity highlighted the fragile state of the country’s recovery. This saw many investors booking in profits after the pound’s late rally against the US dollar at the end of last week. The measure of PMI service sector activity showed a drop form 55.4 to 54.4 due to subdued business confidence and a record drop in confidence. As a result, sterling slumped from a daily high of $1.52/ £1 to hold above $1.50/£1 and against the euro the pound traded in a fairly narrow range between 1.2050/ £1 and 1.21/£1. Out today, there is house price data for the month which is expected to show a slight increase in prices. However, the last few sets of results have disappointed and caused the pound to weaken. Call in now to ensure that you don’t lose out due to negative movements.
In the USA, with the markets closed for the Independence day weekend, there was no economic data released and as such quite limited movement as there was fewer places that banks could buy currency from each other. Out today, there is PMI purchasing manager’s data that excludes manufacturing. Including this data with the fact that the markets have been shut for 3 days could see a large amount of volatility. 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.
Tuesday, 6 July 2010
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