USD/GBP Rate & Comments for 12th August 2010
USD/GBP - 1.569
Sterling dropped by nearly 1% against the US dollar yesterday after the Bank of England’s quarterly inflation report said that inflation would drop below the 2% target level in the next 2 years. In addition the Bank left the door wide open for further emergency funding or ‘Quantitative Easing’. The Bank also slashed growth forecasts on the grounds that there is significant uncertainty ahead for the UK, European and US economies. With markets pricing in increased inflation following next year’s VAT hike to 20%, a downward revision came as a bit of shock to many investors and set the pound on track for the biggest daily drop against the US dollar since the election. The economic prospects for the UK were described as “highly uncertain” and as such further emergency funding could be used if needed. There is hardly any data out today, and as such expect the pound to underperform against the US dollar as a result of continued poor sentiment. Get in touch now for a live exchange rate.
In the USA, the main news was that the Federal Reserve announced that they will add additional emergency funding into the US economy to counter the flagging economy. In addition, poor data added to the US dollar’s problems as the trade deficit widened by nearly $8bn. Out tomorrow, there is further data on Unemployment claims. Call in now for a live exchange rate to ensure you don’t miss 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.
Thursday, 12 August 2010
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