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Posted May 31st, 2013 by Charles Purdy

Sterling struggles following poor UK retail sales figures | Smart Daily Currency Note

This week     (Last week)
GBP/USD – 1.5216     (GBP/USD – 1.5092)

Sterling rose against most of its major trading partners barring the euro yesterday; finding support in the wake of house prices increasing at the fastest annual rate since 2011 and most markedly against the US dollar as weak economic releases from the world’s largest economy have diluted speculation that the Federal Reserve will scale back its asset purchase programme. Bouncing back from disappointing retail sales figures on Wednesday, sterling made advances following a report from mortgage lenders nationwide showed house prices had risen 1.1% from last year. With the housing market slowly gaining momentum and the sporadic recovery in the UK continuing to head in the right direction, sterling has started to gather a little bit of momentum – the question however is whether or not sterling can maintain this strength. With lending data emerging today call in for live markets rates at Smart Currency.

After a strong start to the week which saw the US dollar perform well with strong consumer confidence and house price figures, it fell in many of its most traded pairs through Wednesday and Thursday after the US Department of Labour reported that the number of people registering for unemployment benefit grew last week by 10,000 rather than dropping by 4,000 as forecast. The US Commerce Department meanwhile revised down first quarter GDP figures to 2.4%, down 0.1% from the preliminary reading as slower inventory building activity and cuts in government spending took their toll. With this, anticipation waned for the first time in some weeks that the Federal Reserve may continue its asset purchasing programme for the near future. However strong consumer spending figures, the highest gain since 2010, revealed that rising real estate valuations and a healthy equity market are still driving the recovery forward, with a forecast that is still positive for the world’s largest economy. Inflation and personal spending figures as well as revised consumer sentiment data are released today; call your trader for up-to-the-minute feedback and trading valuations.

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Posted May 30th, 2013 by Charles Purdy

Sterling struggles following poor UK retail sales figures | Smart Daily Currency Note

GBP/USD – 1.5142 Sterling had mixed performance in currency market yesterday; weakening against European currencies and the Japanese yen but gained ground against the US dollar. The UK currency rose by around a cent against its stateside counterpart despite a release from the Confederation of British Industry detailing that retail sales had fallen at their  Continue Reading…

Posted May 29th, 2013 by Charles Purdy

The US dollar continues to strengthen | Smart Daily Currency Note

GBP/USD – 1.5097 Sterling held its own after the bank holiday apart from against a well-performing US dollar yesterday afternoon. Though the UK currency fell against its American counterpart following strong US consumer confidence data, sterling steadily extended it’s rebound from last week against most of it’s major peers as expectation increases that the Bank  Continue Reading…

Posted May 28th, 2013 by Charles Purdy

Will sterling continue its downward trend? | Smart Daily Currency Note

GBP/USD – 1.5097 Sterling had a more positive day on Friday, recovering a little of the ground lost earlier in the week and indeed some analysts are starting to suggest the Bank of England may be looking to slowly move away from their easing cycle, which could help sterling retrace it’s decline from earlier this  Continue Reading…

Posted May 24th, 2013 by Charles Purdy

Sterling has a tough week | Smart Daily Currency Note

This week                 (Last week) GBP/USD – 1.5092      (GBP/USD – 1.5242) Sterling has had a tough week, having dropped sharply against both the euro and US dollar since Monday, falling by nearly two cents at their lowest point. Yesterday however further slides were averted; bouncing back from the lower than anticipated inflation data and disappointing retail  Continue Reading…

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