USD/GBP Rate & Comments for 9th July 2010

USD/GBP – 1.518

Sterling fell yesterday against the US dollar and euro as mixed economic data triggered a sell off of sterling positions. Despite hitting a 2 month high of $1.5241/ £1 – the highest since early May – the pound struggled to make ground. This happened despite data showing a larger than expected rise in industrial production. However, house prices fell and the Bank of England kept the interest base rate and quantitative easing programme on hold as expected. It was revealed a few weeks ago that Bank of England member Andrew Sentence had voted for an increase in interest rates at the last meeting. We will need to wait for 2 weeks until the minutes of yesterday’s meeting are released to see whether any other members of the Bank of England followed suit. Out later today there is monthly PPI data and trade balance data which is expected to show a slight contraction in the UK’s trade deficit. Call in now for a live exchange rate.

In the USA, initial claims for unemployment benefits fell to 454,000 from 475,000 the week before. This was much better than expected and helped boost the US dollar against most of its counterparts and saw US government bond yields rise (a sign that investors are looking for riskier assets to invest in). In other news, the US administration pledged to monitor the Chinese yuan exchange rate, to ensure that China is living up to its commitments to help rebalance the global economy. Call in now to ensure you get the best exchange rate.

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