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Posted May 1st, 2013 by Charles Purdy

Sterling gains against the US dollar | Smart Daily Currency Note

GBP/USD 1.5538

Sterling had a mixed day on Tuesday, posting its best monthly increase against the US dollar for two years but falling sharply against the euro in the afternoon. With a report from the Bank of England revealing that British banks had eased housing credit restrictions and granted more home loans through March than many had predicted, hopes of a sustained economic recovery kept their momentum. Nevertheless, figures also revealed consumer confidence saw a decline this month and as noted sterling performed less well against a buoyant euro. Today, the main announcement will be the first of the three Purchase Manager’s indices (PMI) released over the next three days data which will prove a particularly significant barometer as to the strength of Britain’s recovery. Today’s manufacturing PMI figures will be watched closely. Expectations are for the index to be under 50, which is indicative of a contraction, but that they will be better than the previous months index. Call in for the latest insight to the market and a live price from your trader.

The US dollar dropped across the board around lunchtime yesterday as data revealed that business activity in the world’s largest economy unexpectedly decreased for the first time in over three years – adding to expectations that the Federal Reserve will be forced to continue its quantitative easing programme for the time being. The Chicago Purchasing Manager’s Index figures described a contraction through April topping off a month of poor economic news for the US and worries about the speed of its recovery. Manufacturing data and Crude Oil statistics will preclude an important statement from the Federal Open Market Committee this evening – be in touch to gauge anticipation in the markets throughout the day.

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Sterling gains against the US dollar | Smart Daily Currency Note

 

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