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Posted October 29th, 2007 by Charles Purdy

Weekly US$ rates and comments – week commencing 29th October 2007

 

Not a great week for sterling losing ground it seems against everything apart from the US$. The Bank of England warned that the UK remained vulnerable to shocks from the global credit squeeze which isn’t a surprise and certainly wasn’t a help to sterling. The housing market continues to suffer here in the UK with a significant reduction in mortgage approvals and it appears to be a buyers market. Also the market is beginning to believe that UK interest rate reductions are likely sooner rather than later. A period of uncertainty for sterling.

 

 

The US$ has pushed through US$2.05/£1 and is now sitting at US$2.056/£1. The housing market is a real mess and makes the UK housing market look good. However, what has been interesting is that although the US economic data has been poor the US$ has not lost huge amounts against sterling. So we may be in a situation where the US$ could see some upside against sterling on the back of good news out of the US. Further US interest rates cuts are expected soon, the first one happening possibly this week.

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Posted October 21st, 2007 by Charles Purdy

US$ rates and comments – week commencing 22nd October 2007

Sterling is holding its own. The minutes of the last Bank of England meeting were released and the vote had been 8 to 1 to keep UK interest rates on hold. The credit crunch was obviously a concern but inflation is still a worry to the BOE. The last inflation figure of 1.8% was within  Continue Reading…

Posted October 16th, 2007 by Charles Purdy

Weekly US$ rates and comments – week commencing 15th October 2007

  Sterling didn’t have a great last week or so losing a little bit of ground against most currencies. No clear reason why this should have been the case and I think it was more likely a situation of better news elsewhere. The UK housing market seems to be slowing which will affect consumer confidence.  Continue Reading…

Posted October 15th, 2007 by Charles Purdy

Weekly US Dollar Rates and Comments – week commencing 15th October 2007

Sterling didn’t have a great week or so losing a little bit of ground against most currencies. No clear reason why this should have been the case and I think it was more likely a situation of better news elsewhere. The UK housing market seems to be slowing which will affect consumer confidence. We also  Continue Reading…

Posted October 8th, 2007 by Charles Purdy

Weekly US$ rates and comments – week commencing 8th October 2007

Sterling has had a steady week against the Euro and the US$ but lost ground against the commodity backed currencies of Canada and Australia. The Bank of England met this week and UK interest rates were kept on hold. This was as expected. The trouble with the BOE is that it takes a couple of  Continue Reading…

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