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Posted November 30th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 30th November 2010

US$/GBP 1.5567 

 

Sterling rose to a 2 month high against the euro yesterday as investors saw beyond the €85bn Irish rescue plan and sold the single currency on fears that other nations in the Euro zone would also need help. Sterling failed to capitalise on an upward revision to the UK’s growth forecasts by the Office of Budget Responsibility (“OBR”) which revised forecasts for 2010 from 1.2% to 1.8%, but cut the 2.3% forecast in 2011 to 2.1%. Sterling got stuck in the middle of the euro and US dollar, as investors moved from riskier assets into the safe haven US dollar. As a result, sterling slipped to a 2 month low against the US currency of $1.5529/£1. Other data released today showed that mortgage approvals in the UK fell to the lowest in 8 months and other figures showed a fall in house prices. This uncertainty is likely to cap any potential sterling gains against the euro, so call in now for a live exchange rate to avoid losing out.
 
In the USA, the concerns over the future stability of the Euro zone left the US dollar in high demand as a safe haven currency. It was a quiet day for data in the region. Out today, there is consumer confidence that is expected to show a slight improvement. In addition, Federal Reserve chairman Ben Bernanke addresses a business school in Columbus. Also due out this week from the Treasury is the Treasury Currency Report, although there is no set release date for this. Get in touch now for a live exchange rate.

 


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Posted November 29th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 29th November 2010

US$/GBP – 1.5617 Sterling fell against the US dollar on Friday afternoon hitting a 2 month low as concerns over the UK’s exposure to Euro zone debt left investors fearful that the crisis could spread beyond Greece and Ireland. There was poor house price data on Friday that showed house prices fell by 0.8% in  Continue Reading…

Posted November 26th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 26th November 2010

US$/GBP – 1.5695 Sterling was undermined by comments from the Bank of England governor Mervyn King, who said “strong action” against inflation could destabilise the economy.  Sterling continues to follow trends from events in the Eurozone as it reversed gains against the Euro following comments by ECB member, Axel Aeber who indicated that Europe’s rescue  Continue Reading…

Posted November 25th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 25th November 2010

US$/GBP – 1.5762 Sterling hit a high of €1.1862/£1 against the euro as the situation in Ireland continued to see investors selling the single currency ahead of a finalised bailout plan that is expected later this week. Data in the UK helped lift sterling with GDP data for the 3rd Quarter unchanged from the first  Continue Reading…

Posted November 24th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 24th November 2010

US$/GBP – 1.5775 Sterling hit a 2 month high against the euro yesterday of €1.1836/£1 as fears that the debt crisis could spread left investors selling the euro. The risk of ‘contagion’ (i.e. other countries in the region joining Ireland and Greece in needing a bailout) saw a resurgence in ‘risk aversion’ where investors look  Continue Reading…

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