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Posted July 11th, 2013 by Charles Purdy

US dollar weakens on Central Bank comments | Smart Daily Currency Note

GBP/USD – 1.5082

A fairly steady day for sterling yesterday as markets caught their breath after an eventful first half of the week. Sterling gradually won back a cent from overnight lows against the US dollar, as markets nervously took position ahead of the release of the release of Federal Open Market Committee (FOMC) meeting minutes last night. Following the release, we saw sterling appreciate by two and a half cent against a particular weak US dollar. This morning sees one of Mark Carney’s colleagues at the Bank of England speak; to which markets will look to clarify last week’s comments on interest rates. Call your trader today for the latest news and up to the second rates on sterling.

The US dollar slipped a little through London trading yesterday as traders positioned themselves ahead of last night’s FOMC meeting minutes, and the speech from Committee Chairman Bernanke. The US dollar weakened significantly following the comments from the Committee Chairman where he somewhat contradicted his previous statements on monetary policy and suggested that policy should remain accommodative due to low inflation and the fact that the labour market remains weak (in spite of last Fridays positive figures). The minutes from the FOMC meeting had less effect on the markets as the members of the FOMC appear to be split regarding when the potential tapering should begin. Today the excitement may well continue with the release of unemployment figures this afternoon. Call your trader for the very latest.

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