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Posted February 28th, 2013 by Charles Purdy

Markets calm, how long will it last? | Smart Daily Currency Note

GBP/USD – 1.5158

Sterling, had a mixed day yesterday, starting off on the front foot by making gains against the majority of its trading partners before losing ground in the afternoon. Data released yesterday showed the first revision to the UK’s fourth quarter GDP figures which fleshed out the details of the 0.3% contraction seen during that period – with exports and imports both falling sharply. Sterling also enjoyed a temporary lift after one of Monetary Policy Committee (MPC) members from the Bank of England (BoE) quashed the idea of negative interest rates being introduced. With little data expected to be released from the UK today, the markets will most likely look elsewhere for influence. Call now for the latest updates on sterling.

The US dollar had a mixed day yesterday struggling in the morning but regained some of its losses in the afternoon. Positive Core Durable Goods Orders, rising by the highest rate in a year, and Pending Home Sales data both came out much better than expected. In his testimony the Federal Chairman suggested the benefits outweighed the negative with regards to the central bank’s asset purchasing program. The testimony gave no signs that the Fed may slow or even stop monetary easing, in spite of recent murmurings that the central bank may look to taper asset purchases. The Chairman also maintained pressure on Congress to act to prevent the USD 1.2 trillion of spending cuts that are due to start taking effect from March 1st reminding the Committee of the Congressional Budget Office’s forecast that US growth will be adversely affected by around -0.6% this year, and the labour market will lose 750k jobs, if the spending cuts are maintained throughout the whole year. Today we have Preliminary fourth quarter GDP data – expected to show 0.5% annualised growth – and the weekly unemployment claims coming out of the states. Call in now for the latest news and live rates.

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Posted February 27th, 2013 by Charles Purdy

The Italian elections continue to worry markets | Smart Daily Currency Note

GBP/USD – 1.5114 Sterling had a mixed day yesterday – starting off on the front foot reaching highs of 1.1650 against the euro and 1.5220 against the US dollar before losing ground later in the day. Sterling struggled after one of the Monetary Policy Committee (MPC) members from the Bank of England (BoE) suggested he  Continue Reading…

Posted February 26th, 2013 by Charles Purdy

Hung parliament in Italy keeps the roller coaster going | Smart Daily Currency Note

GBP/USD – 1.5168 Yesterday was not for the faint hearted as the currency markets twisted one way and then the other as the news flow gathered pace. Sterling was aggressively sold off in early trading yesterday, reaching a sixteen month low against the euro and a 2.5 year low against the US dollar following  Moody’s  Continue Reading…

Posted February 25th, 2013 by Charles Purdy

Sterling suffers from loss of UK’s AAA credit rating | Smart Daily Currency Note

GBP/USD – 1.5152 Late on Friday, the UK lost its top credit rating from Moody’s, one of three credit rating agencies, who downgraded the UK debt by one grade to Aa1 from Aaa. This was not unexpected and is due to the bleak outlook for the nations growth and it was also noted by Moody’s  Continue Reading…

Posted February 22nd, 2013 by Charles Purdy

Another poor week for sterling, the US dollar is in the ascendancy | Smart Daily Currency Note

This week                 (Last week) GBP/USD – 1.5268      (GBP/USD – 1.5542) After another poor week for sterling dropping against all of its major counter parts and falling  at one stage to a 15 month low against the euro and an 30 month low against the US dollar. The Bank of England (BOE) minutes revealed that three  Continue Reading…

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