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Posted November 26th, 2007 by Charles Purdy

Weekly US dollar rates and comments – week commencing 26th November 2007

 
 

Sterling had a steady week. The Bank of England minutes were released last week which showed there had been a 7 to 2 vote in favour of keeping UK interest rates on hold. The UK economy is certainly slowing but that is no different from others. Property prices are softening. There will be reductions in UK interest rates next year but we will also see reductions in interest rates elsewhere. Sterling continues to be fairly friendless.

 

The US$ also had a steady week and is now sitting at US$2.066/£1 inter bank. Thanksgiving was on Thursday and so there has been less activity than normal in the US. The feeling is that US interest rates will be reduced by the Fed in mid December and that we will see the US$ weaken as we get closer to the meeting date. The US$ continues to move ever lower against the Euro which means that US exports become cheaper by the day. Last week Airbus was complaining about Boeings pricing advantage arising out of the US$’s weakness being company life threatening. Still fairly friendless the US$ but will the world really let it collapse!

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Posted November 19th, 2007 by Charles Purdy

Weekly US$ rates and comment – week commencing 19th November 2007

Sterling had a poor week. The Governor of the Bank of England stated that economic growth next year was going to be poor and that UK interest rates were going to be reduced. Retail figures were also poor and the net effect was that sterling lost ground against both the Euro and the US$. The  Continue Reading…

Posted November 10th, 2007 by Charles Purdy

Weekly US$ rates and comments – week commencing 12th November 2007

    Sterling had a mixed week losing ground against the Euro but gaining against other currencies such as the US$ and the high interest rate currencies such as the Australian $. The Bank of England kept UK interest rates on hold which was expected and we now wait for the minutes of the meeting  Continue Reading…

Posted November 5th, 2007 by Charles Purdy

Weekly US$ rates and comments – week commencing 5th November 2007

  Sterling did okay this week. Various members of the Bank of England made comments that the UK was suffering a slowdown rather than anything worse [at this time] and this has led the market to believe that any UK interest rate cuts are unlikely until next year. This has lent some support to sterling  Continue Reading…

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