Call Free Phone Now:0808 163 0102
Outside the UK: +(44) 207 898 0541 Request a Call Back
  Daily Currency News Euro US Dollar Educational Articles  
Posted May 26th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 26th May 2010

USD/GBP – 1.440

Sterling fell by 1% yesterday against the US dollar as investors continued to suffer from risk aversion. At one point the pound hit $1.4250/ £1 but recovered slightly towards the end of the day. Sterling performed well against the euro, breaching 1.17/ £1 before falling off the day’s high. The reason for sterling’s fall against the US dollar was that stock markets plummeted yesterday as concerns mounted over the Spanish financial system. In addition, mounting tensions between North Korea and South Korea caused markets to panic as news came through that the North Korean military had been mobilised and ordered to attack if fired upon by the South. In terms of data, the UK’s 1st Quarter GDP was revised upwards to 0.3% which was as expected and had little effect on the markets. Out today we have mortgage approval data for the UK, which is unlikely to have a huge effect on sterling. Call in now for a price, as sentiment is the key driver of currencies at the moment and could see the price move either way.

In the USA, the US dollar continued to benefit from global risk aversion related to both European debt and potential conflict on the Korean peninsular. In terms of data, over the last few months US housing data has performed well after activity picked up following a very poor winter. New home sales data out today is expected to show an increase to 420,000 from 411,000 in April. In addition, durable goods data out later today is expected to show an increase. Call in now for a price – especially if you have US dollars to move into sterling as this seems like a great time to be doing this.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the website and for companies visit the website.

Be Sociable, Share!

Comments are closed.

© Copyright 2010 Smart Currency Exchange. All Rights Reserved.
Site by Iniquus