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Posted June 29th, 2012 by Charles Purdy

USD/GBP Rate & Comments for 29th June 2012

US$/GBP 1.5628

Sterling had a mixed week. It strengthened against the euro in the run up the EU Economic summit taking place on Thursday and Friday of this week but quickly lost ground on the overnight announcement that the Eurozone’s bailout fund would support struggling banks without adding to government debt. Against the US dollar the reverse trend was seen as risk aversion became the main driver in the market in the first half of the week with a rapid reversal overnight. The UK’s final GDP reading yesterday showed that the economy had contracted by much more than expected in the fourth quarter of 2011 outlining that the UK is in a deeper recession than originally anticipated. The Bank of England’s inflation report hearing outlined that all members of the Monetary Policy Committee shared the same sentiment that monetary policy should be kept loose causing increased speculation that we could see further monetary easing in July. The Governor of the Bank of England is speaking today whilst the central banks Financial Stability report is also released which should provide further insight into the state of the economy and possible further indication to the central banks plans for monetary policy going forwards. Call in now for the latest news and a live quote.

The US dollar performed well in the first half of this week as investors sought safer havens for their money as risk aversion dominated the market and revised GDP data confirmed steady growth of 1.9%. Other data released showed that US consumer confidence had missed expectations; but, durable goods orders figures showed a vast improvement on last month’s figures where orders actually contracted. Other positive data included figures showing that the number of homes pending sale increased by more than anticipated. Revised consumer sentiment figures and inflation data is released today; but, expect any further news from Europe to have a much greater influence on the markets. Call in now for the latest news and a live quote.

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Posted June 27th, 2012 by Charles Purdy

USD/GBP Rate & Comments for 27th June 2012

US$/GBP – 1.5630 Sterling was relatively strong against the euro being viewed as a "relative" safe haven asset; but, remained fairly range bound against the majority of other currencies as public sector borrowing figures were worse than expected. The Bank of England’s inflation report hearing suggested that all members of the Monetary Policy Committee shared  Continue Reading…

Posted June 26th, 2012 by Charles Purdy

USD/GBP Rate & Comments for 26th June 2012

US$/GBP – 1.5582 Sterling held its own against the euro and the commodity backed currencies yesterday; whilst weakening slightly against the US dollar and Japanese yen as risk aversion drove the market. Public sector net borrowing figures and the Bank of England’s inflation report hearing will be the main news on the UK’s economic calendar  Continue Reading…

Posted June 25th, 2012 by Charles Purdy

USD/GBP Rate & Comments for 25th June 2012

US$/GBP – 1.5582 Sterling had a poor day on Friday weakening off against the majority of currencies with trading volumes low due to the lack of data released globally. Sterling has been trading in a fairly narrow range against the € [1.23 to 1.245] and against the US$ [1.55 -1.575] for the last couple of  Continue Reading…

Posted June 22nd, 2012 by Charles Purdy

USD/GBP Rate & Comments for 22nd June 2012

US$/GBP 1.5596 Sterling has had a mixed week as global risk sentiment shifted following the Greek elections and announcements from the UK’s and US central banks. At the beginning of the week lower than anticipated inflation figures drove sterling weaker as speculation grew that next month could bring another round of quantitative easing. This speculation  Continue Reading…

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