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Posted March 30th, 2010 by Charles Purdy

Currency Rates

US$/GBP – 1.505

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Sterling rose slightly versus the US dollar on weaker demand for dollars as investors returned to riskier assets following the agreement last week to bail out Greece. UK Consumer credit was also relatively strong but mortgage applications dropped following poor weather and the end to the stamp duty holiday at the end of last year. The Budget last week should see an increase in mortgage applications as the stamp duty threshold is raised for first time buyers. In addition, the credit rating agency Standard and Poor’s reaffirmed the UK’s AAA rating for the time being, but kept the outlook as negative. Out today, we have the final GDP figure for the 4th Quarter of last year. The figure is expected to remain at 0.3%. House price data has showed a marginal improvement this morning with prices up 0.7% month on month. Whilst this has seen the pound strengthen slightly, sterling is likely to remain under considerable pressure in the run up to the election. Get in touch now for a price.

In the USA, personal spending and personal income declined marginally and a monthly inflation measure saw prices unchanged. This added to the US dollars drop. Out today there is key data on consumer confidence which is expected to show a marginal improvement. Despite being a little less volatile in the last few days, the US dollar can still very quickly strengthen following poor economic data in the UK. Get in touch today and take advantage of relatively good prices for buying US dollars.

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