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Posted July 28th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 28th July 2008

Weekly US$ rates and comments – week commencing 28th July 2008

 

The pound threatened to buck the recent trend and pushed for month-high prices against most major currencies early last week. In their published MPC meeting minutes, the Bank of England showed in that although the majority of the members voted to keep rates on hold, there was a three-way split for only the second time since the start of its independence in 1997.

 

The pound ended the week on the back foot and with more poor economic data strengthening the case for a cut in rates the downside risk for sterling could well be greater than the upside potential in the short term.

 

 

The US$, currently at 1.985/£1 inter bank, had an indifferent week as it sought to regain its losses from last week’s news on the giant mortgage lenders Fannie Mae and Freddy Mac. The dollar faltered on Thursday morning with the release of weekly U.S. jobless claims data, which rose to match a three-year high.

 

However, the dollar remained stronger last week versus the Euro, supported by gloomy reports from outside the U.S. on the global situation, recent hawkish comments from the Federal Reserve, and greater confidence that U.S. officials will prop up the faltering housing market.

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Posted July 21st, 2008 by Charles Purdy

US$ weekly rates and comments – week commencing 21st July 2008

    Sterling remained steady last week and has kept within a tight trading range against most currencies. In the last 3 months the price has found a new base and this stability is perhaps owing to forecasts that interest rates are to remain on hold in the UK until the end of the year.  Continue Reading…

Posted July 14th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 14th July 2008

  Minimal movement for sterling last week against most if not all other currencies. The Bank of England kept UK interest rates on hold which was as expected. What choice did they have, UK inflation is high and the economy weak. Probably none but I do wonder why interest rates are so high given they  Continue Reading…

Posted July 7th, 2008 by Charles Purdy

US$ weekly rates and comments – week commencing 7th July 2008

  Did sterling have a lucky escape last week? The American private equity firm looking to invest in Bradford and Bingley pulled out citing a downgrade in the B&B’s debt as the reason. In stepped the Bank of England to make sure that there was no rerun of Northern Rock. However it reinforces how precarious  Continue Reading…

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