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Posted January 29th, 2013 by Charles Purdy

No respite for sterling as it continues to weaken | Smart Daily Currency Note

GBP/USD – 1.5706

It was once more a disappointing day for sterling yesterday, continuing its dramatic decline of last week versus its major trading partners.  Over the weekend, the incoming Bank of England Governor stated that he felt that there was room to look at further monetary easing if the UK’s economy continues to struggle which weighed heavily on sterling. With an increasingly pessimistic outlook hanging over the UK economy and demand for the British currency remaining muted, sterling was unable reverse any of its previous losses and even fell below 1.165 against the euro, its lowest level for over a year, before regaining a little bit of ground. It was a similar story versus the US dollar, weakening to the lowest level since August 2012 at 1.5678 by mid-afternoon before regaining a little bit of ground. Today sees no significant data scheduled to be released from the UK, so call in now for the latest news and to get a live price off your trader.

Yesterday proved to be a strong day for the US dollar, as it advanced versus all but one of its most traded peers. The news that Core Durable Goods Orders came out better than forecast at 1.3% gave a good indication that production across the country is gradually starting to recover, helping to increase demand for the dollar. The US currency also enjoyed a fourth day of gains versus its Canadian counterpart – the longest streak since October – as continued signs of slower than expected economic growth weighed on the Canadian currency. The other major data release yesterday saw Pending Home Sales come out considerably worse than forecast, suggesting the US economy still remains fragile. Today’s major release is focused on Consumer Confidence – expected to show a slight decline from last month’s figure. Should this be the case, increased volatility for the US dollar is likely, so call in now for the latest news.

Get in touch now for a live price and to see if the US can avoid tumbling off the so-called fiscal cliff. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website

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