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Posted October 31st, 2012 by Charles Purdy

GBP/USD Rates and Comments for 31st October 2012 – The storm abates in the US, what about the Euro zone?

GBP/USD – 1.6086

Sterling strengthened against the dollar for the first time in three days yesterday as retail sales figures supported the positive GDP data from last week indicating the UK is emerging from recession. Bond yields also fell, an indication that traders no longer fear intervention from the Bank of England, an indication that suggests the pound could see further gains. There is very little data out of the UK today. However, the Deputy Governor of the Bank of England speaks this evening so we could see markets react positively to any indication that he is against further intervention. Please call in for the latest rates and to discuss your requirements with your trader.

The US dollar weakened yesterday against all other major currencies as speculation about the costs incurred from the ‘Frankenstorm’ Hurricane Sandy now appear less severe than initially expected. As a result, there is now less demand for safe haven assets. The New York Stock Exchange (NYSE) is reopening today after being shut for two consecutive days due to the due to weather the first time since 1888. It will be interesting to see how such the foreign exchange market reacts to the increased trading volumes across the market. Get the latest news by calling in.

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Posted October 30th, 2012 by Charles Purdy

GBP/USD Rates and Comments for 30th October 2012 – Currencies are in the eye of the storm, waiting for direction

GBP/USD – 1.6042 Sterling struggled yesterday following comments from the Bank of England’s chief economist who suggested that the UK’s fourth quarter GDP figures would be significantly lower than the previous quarter, citing the Olympics as the leading factor in the third quarter’s positive release. The UK Consumer Price Index (CPI) inflation data will be  Continue Reading…

Posted October 29th, 2012 by Charles Purdy

GBP/USD Rates and Comments for 29th October 2012 – Lots of data this week – lots of reasons for exchange rates to move

GBP/USD – 1.6058 After the gains made on Thursday, sterling remained fairly range bound on Friday, although it did drop below the key support level of 1.61 against the US dollar in reaction to the strong GDP data coming from the United States. Expect nervousness this week as the world gears up for a potential  Continue Reading…

Posted October 26th, 2012 by Charles Purdy

GBP/USD Rates and Comments for 26th October 2012 – A turbulent week for the US dollar

GBP/USD – 1.6112 Sterling started the week poorly dropping to a six month low of 1.2245 against the euro and one and a half month low of 1.5905 against the US dollar before rebounding strongly yesterday after better than expected third quarter GDP figures were released. The GDP data came in well above market expectations  Continue Reading…

Posted October 25th, 2012 by Charles Purdy

GBP/USD Rates and Comments for 25th October 2012 – markets remain nervous in lead up to last Federal Open Market Committee meeting

GBP/USD – 1.6063 Sterling was one of the stand out performers yesterday, making good gains across the board as markets bet on positive GDP data being released today. Furthermore, sterling was buoyed by the comments made by the Governor of the Bank of England on Tuesday night who seemed to indicate that he would hold  Continue Reading…

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