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Posted August 26th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 25th August 2008

Following a quiet start to the week for market data, sterling faltered again towards the end of last week. Poor second quarter GDP and retail sales data sent the pound lower still against the US$ and to the lower end of its recent four month trading range against the euro. For the second month running the Bank of England’s meeting minutes released last week highlighted a difference of opinion within the ranks of the MPC by way of a three-way split, suggesting perhaps that long-term policy remains undecided.


The recently resurgent US$, currently at 1.8460/£1 maintained the last month’s gains and survived the ‘profit taking’ speculation that the currency would quickly rebound from its record highs. Despite heightening concerns regarding the stability of certain major lenders and the financial sector as a whole, the US$ has benefited from the recent drop in price of commodities and the continuing belief that interest rates will almost certainly be hiked by the end of the year. The Federal Reserve however, is playing its cards close to its chest.

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Posted August 18th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 18th August 2008

Sterling‘s gains from the previous week were shed rather quickly following the Bank of England’s inflation report last week. Sharp losses against almost all major currencies were felt as the reality concerning the state of the UK economy was spelt out in clear terms by Mervin King. An easing bias, or in layman’s terms, the  Continue Reading…

Posted August 11th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 11th August 2008

Sterling had a quiet start to last week as speculation regarding future monetary policy and the interest rate announcement from the Bank of England on Thursday were the main focus of attention. No great surprises were expected and rates were kept on hold. However, despite more unfavourable data regarding growth and manufacturing the pound kept  Continue Reading…

Posted August 4th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 4th August 2008

It was another week of mediocrity on the markets for Sterling as the onus had been shifted to achieving some stability in the economy. For all of the unflattering economic data that was released over the last week, it has been the consistency of equally poor data from the Eurozone that helped keep the pound  Continue Reading…

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