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Posted December 21st, 2009 by Charles Purdy

Weekly US$ rates and comments – week commencing 21st December 2009

Sterling had another mixed week last week. It gained a bit of ground against the € and lost a bit of ground against the US$. UK economic data released was variable with employment data surprising to the upside and November retails sales to the downside. We are now in the final throes to Christmas, a key trading period for retail worldwide and especially in the UK. The expectation is that retail sales will be ahead of last year and this is very important for the UK retail industry which has had significant problems this year and key to showing that the consumer is recovering from a very tough year. I think most of us will be looking forward to putting 2009 behind us and a much more productive 2010. This week we have the release of updated third quarter gross domestic product figures which are expected to show us still in recession but closer to being out of it that the preliminary figures first showed. This would be helpful for sterling showing that we aren’t lagging the rest of the world as badly as first shown.

 

The US$ is enjoying a period of strength gaining ground against sterling and the euro. No main reason seems to be the primary cause. In the US there is a hope that unemployment is slowing and close to its peak, which is clearly US$ supportive, but the greater influence may be that investors have been caught out by the US$ strength and continue to cover their exposure especially with the year end approaching. The Federal Reserve kept interest rates on hold which was as expected and reiterated that interest rates will be kept low for a while. This week we have housing sales data which is expected to be on the up.

 

 

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Posted December 14th, 2009 by Charles Purdy

Weekly US$ rates and comments – week commencing 14th December 2009

Sterling had a mixed week last week losing ground against most currencies during the course of the week but regaining a bit of ground on Friday. The Chancellor held his pre-budget report mid week which seemed to be lots of smoke and mirrors but little content. He noted that the UK economy will contract by  Continue Reading…

Posted December 7th, 2009 by Charles Purdy

Weekly US$ rates and comments – week commencing 7th December 2009

UK economic news was limited last week and came in close to expectations. This meant that sterling tended to move based on news/sentiment from elsewhere. Against the euro and the US$ sterling continues to move in a narrow range between its highs and lows and it is a case of taking advantage when you see  Continue Reading…

Posted November 30th, 2009 by Charles Purdy

Weekly US$ rates and comments – week commencing 30th November 2009

Some ups and downs for sterling last week. We had a slight revision upwards of the growth figures for the UK economy in the third quarter. But instead of growth we were still seeing the UK economy contract. The belief is that we will see the economy grow in the current quarter and the Bank  Continue Reading…

Posted November 23rd, 2009 by Charles Purdy

Weekly US$ rates and comments – week commencing 23rd November 2009

Sterling is moving in a fairly narrow range against a wide range of currencies. It is the speed of movement between the extremes of this narrow range which makes it difficult to assess when best to do a transaction. The key UK releases of last week were firstly the Bank of England minutes and secondly  Continue Reading…

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