USD/GBP Rate & Comments for 17th September 2010
USD/GBP - 1.570
Sterling fell to a 7 week low against the euro yesterday as retail sales unexpectedly fell for August and high demand for Spanish debt strengthened the single currency. Sterling slipped to €1.1904/£1 as retail sales fell by 0.5% against an expected gain of 0.3%. Many analysts took the data as a sign that consumers are reigning in spending ahead of spending cuts/ tax hikes expected later in the year. Sterling stayed relatively flat against the US dollar after a strong performance earlier in the week. A survey showed that British factory orders dropped a little more than expected against last month and export figures fell slightly. The UK needs to rebalance from an economy driven by debt to an economy driven by exports and with a weak currency this should happen automatically. Poor export figures are therefore a concern. There is no real data out today, so call in and speak to a trader – especially if you need to move euros into sterling.
The USA had a poor day after data showed the US recovery was weakening. Risk aversion crept back in and saw high demand for US government bonds as investors looked for safer assets to hold. Data showed that business conditions contracted in the US in August and weekly claims for unemployment benefits remained high. This pushed the euro to the highest level in a month against the US dollar reaching a rate of $1.3112/€1. Call in to speak to one of the trading team about protecting yourself against adverse market movements.
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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