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Posted June 28th, 2013 by Charles Purdy

Sterling continues to fall | Smart Daily Currency Note

(Last week)     This week
(GBP/USD – 1.5511)     GBP/USD – 1.5253

On the whole a disappointing week for sterling – strong retail sales figures early in the week were encouraging signs for the British economy, giving sterling a short boost, but it has slipped away since. Key to driving this decline was two further members of the monetary policy committee calling for a looser monetary policy to stimulate growth in the country. Yesterday, the Office for national statistics revised their figures from last year to say that growth was substantially lower than previously thought, but, Britain did not see the two consecutive quarters of negative growth which would indicate a double dip recession. The focus for the next few days is undoubtedly going to be Mark Carney’s entrance as new Governor of the Bank of England. While he has made it clear that there is no panacea for British economic woes, great expectations rest on his shoulders. Call your trader today for the latest news and rates for the UK and sterling.

The US dollar has enjoyed a very strong week – reaching 1.30 against the euro and 1.52 against sterling at its peak. The Chairman of the Federal Open Market Committee kick started the trend with the announcement last Friday that stimulus programs will be tapered out. Positive data from the States helped the US dollar to strengthen further still, indicating a healthy recovering economy. This trend of dollar strength continued in spite of GDP figures being revised down from initial expectations showing growth was only at 1.8%, a long way shy of the 2.4% that had initially been anticipated. Speak to your trader for up to the second rates, and the latest market news.

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Posted June 27th, 2013 by Charles Purdy

The US dollar continues to strengthen | Smart Daily Currency Note

GBP/USD – 1.5328 Sterling had a poor day yesterday, losing considerable ground to the US dollar, and only just holding its own against a weak euro. The drop came as one of the members of the monetary policy committee called for a looser monetary policy to stimulate the economy. Current account figures (the difference in  Continue Reading…

Posted June 26th, 2013 by Charles Purdy

Sterling makes steady gains against the euro | Smart Daily Currency Note

GBP/USD – 1.5432 Sterling drifted through yesterday without making many waves and gaining slightly against the euro. This was despite the market starting to develop nerves as to the impact that the new Bank of England Governor Mark Carney may have when he starts on Monday. Modest gains in mortgage approvals indicate a recovering property  Continue Reading…

Posted June 25th, 2013 by Charles Purdy

Sterling stronger against the euro | Smart Daily Currency Note

GBP/USD – 1.5461 Sterling had a good day yesterday even though there was an absence of data released across the global markets. With strong retail sales figures last week there are encouraging signs for the British economy and sterling recovered from session lows to stem the its decline against the US dollar. Mortgage approval data  Continue Reading…

Posted June 24th, 2013 by Charles Purdy

Lots of data, will sterling hold its own? | Smart Daily Currency Note

GBP/USD – 1.5365 Sterling, though losing ground against a buoyant dollar, performed well against the euro following the news that the UK public sector net borrowing rose at a slower rate than anticipated in the last quarter. The National Statistics Office reported that borrowing rose to 10.5 billion pounds rather than the expected 13.8 billion  Continue Reading…

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