USD/GBP Rate & Comments for 14th September 2010
USD/GBP - 1.540
Sterling performed well against the US dollar yesterday as positive Chinese data and new banking rules helped boost risk appetite amongst global investors. Sterling gained 0.5% against a generally weaker US dollar to hit $1.5488 as sentiment towards the pound was positive throughout the day’s trading. There was very little data out but the impetus came from Strong Chinese data that showed Chinese factory data was strong – despite efforts by the Chinese government to curb the buoyant economy and avoid an asset bubble. As a result, investors felt happier taking risks and moved funds out of US dollars and into ‘riskier’ currencies. In terms of data, there is inflation data released later this morning which will be very closely watched as many analysts fear a ‘double dip’ recession is looming in the UK. Any sign of this in the inflation figures and we will likely see sterling suffer. Call in now to ensure you don’t lose out.
In the USA, the US dollar headed for its biggest fall against the euro since early July 15th as global risk appetite boosted high yield ‘riskier’ currencies. In addition, the new banking rules saw the single recovery receive an added boost and the US dollar slipped above $1.28/€1 for the first time since July. In terms of data, there is key monthly retail sales data that is expected to show a slight improvement. If it doesn’t, expect the US dollar to strengthen as investors look to move back into safer haven currencies. Call in now and speak to a trader to make sure you are protected.
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.
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Exchange rates can move very quickly. The above rates are valid at a moment in time. We have no crystal ball and we recommend that if an exchange rate works for your budget then don’t wait for an even better exchange rate - Murphy’s Law says the rate will go against you and cause you maximum pain! Suggestions should not be taken as advice or fact.
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