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Posted September 29th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 29th September 2008

In a steadier week on the markets sterling stayed within a relatively small range against most major currencies. Edging up slowly throughout last week, then faltering late on Thursday to recover again to similar levels on Friday afternoon. The damage to sterling on Thursday was much owed to the increased likelihood of the Bank of England cutting UK interest rates soon. A second member of the BoE committee made comments supporting such a move and although cuts will undoubtedly happen, the timing is unknown, especially as the full extent of the credit crunch is yet to be felt.

 

American business was still very much at the centre of attention last week. Issues regarding the colossal bail-out scheme for the financial sector in the US have dominated the headlines and put pressure on a shaky US$. Though the talks seemed to have stalled and the rescue-plans for the economy are still being formulated, the US$ smacks of a high-risk investment and a new ‘gold-rush’ is beginning as investors look to amass safe-haven reserves.

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Posted September 22nd, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 22nd September 2008

In a roller-coaster week, sterling rallied late and closed on Friday stronger against both the euro and the US$. Developments globally as well as domestically within the financial sector made for extremely volatile market conditions and an uncertain business climate. The FSA even having to introduce new restrictions on profiting from plummeting shares known as  Continue Reading…

Posted September 15th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 15th September 2008

Sterling gained some ground last week following the record low levels of the previous week. With nothing specifically positive in terms of market data for sterling, it was the uncertainty surrounding of the state of the global economy that helped finish the week on the up.   The US$, currently at 1.7990/£1, was shaken late  Continue Reading…

Posted September 8th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 8th September 2008

Chancellor Darling hardly inspired confidence at the start of last week describing the UK economy as being similar to the post war era of the late 1940′s. Needles to say sterling began to lose value against most currencies. On Thursday, the Bank of England held UK interest rates. The BOE is still unsure what to  Continue Reading…

Posted September 1st, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 1st September 2008

  Sterling continued to fall throughout the week and lost ground on most major currencies as the intensifying talk of recession, poor market data and bleak forecasts for the UK economy took their toll on the pound in the markets. The Nationwide house price figures released on Thursday and further confirmation from Land registry certainly  Continue Reading…

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