Wednesday, 8 September 2010

USD/GBP Rate & Comments for 8th September 2010

USD/GBP - 1.543

Sterling fell to a 6 week low against the US dollar yesterday after concerns over the European banking sector and financial difficulties in the housing sector. Social housing maintenance firm Connaught suspended trading in its shares on Tuesday after failing to secure enough funding to pay its debts. The BBC said that the firm is on the brink of administration. Data from the British Retail Consortium showed that sales grew in August, but consumers remained cautious. With investors spooked by risk aversion, sterling hit $1.5298/ £1 – the lowest in 6 weeks. Sterling dropped to a 6 week low against the euro on Monday. There has been some respite however, as a Halifax survey of house prices came in better than expected showing that prices rose by 0.2% against an expectation of a 0.3% drop. Later today we have industrial production and manufacturing data. Call in now to ensure you minimise your risk.

In the USA, as a result of the investor jitters over Europe, risk aversion jumped which saw a boost in demand for the US dollar as investors looked for safer haven to invest their funds. In a week of light data releases for the USA, there is some data released later on consumer credit. Call in now for a live exchange rate.


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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