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Posted November 24th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 24th November 2008

Sterling edged up through last week away from the record lows of the previous. The shock of reaching such a low level against the euro which many had considered as inconceivable has forced a re-think of how much further down sterling could fall with further interest rate cuts becoming more of a certainty as inflation continues to fall. However, the consequence of such cut may be further devaluation of sterling on the markets and is something the Bank of England would want to avoid but may have to live with short-term.

 

The US$, currently at 1.492/£1, maintained its position at the top of the currency pile last week. Poor economic data and media speculation regarding the end of the US reign of market dominance in the coming era did little to affect the US$, which is still benefiting from the ‘flight-to-quality’ phenomena – a shift towards low-risk assets and currencies. This concept of the US$ being the most reliable asset in the current market is surely much more testament to the poor state of affairs across all major global economies and currencies than a true sign that conditions are safest in the US economy.

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Posted November 17th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 17th November 2008

Sterling is in the pits. The constant stream of increasingly negative data over the last year as well as the gloomy outlooks on the year ahead have left a sad picture of the UK economy. The recent flurry of well publicised job cuts and the ever growing sense of an impending recession (that may or  Continue Reading…

Posted November 10th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 10th November 2008

The Bank of England’s move to slash interest rates in the UK last week from 4.5% to 3% was surprisingly well received by the markets and it is hoped the decision will shock the flagging UK economy back into life. Despite rates being at their lowest for 53 years, there were suggestions following the announcement  Continue Reading…

Posted November 3rd, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 3rd November 2008

Sterling rose steadily against the euro throughout a relatively quiet week for market data. Closing last week only marginally up against the US$ despite another period of high price volatility the sterling to US$ rate moved in a huge range over the last five days of around 8%. The reductions in LIBOR (inter-bank lending rates),  Continue Reading…

Posted October 27th, 2008 by Charles Purdy

Weekly US$ rates and comments – week commencing 27th October 2008

Conditions went from bad to worse for sterling last week. On the release of poor GDP figures on Friday, which were widely expected to show the UK economy contracting over the last quarter, the pound went to a new record low against the euros and slipped further down against the US$. Considering that the poor  Continue Reading…

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