GBP/USD Weekly Currency Update

Old Jan 4th 2010, 3:14 am
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Default GBP/USD Weekly Currency Update

Hi All,

As promised here’s a brief update on what’s been happening with the USD Dollar over the last week.

US Data was on whole the supportive last week, with USD/JPY making significant gains. However, the USD didn’t fair as well against the high yielders and EUR and GBP made modest recoveries too. This week sees a plethora of data to commence 2010 with Thursday’s FOMC minutes and Friday’s unemployment report likely to the key drivers. The market will look to these releases for further insight on the pace of stimulus removal. Although we don’t expect to see the FED to make any significant tightening moves early in 2010 we do expect the “funding currency of choice” status to revert back to the JPY (as evident in recent USD/JPY moves). Consequently, we don’t expect a sustained USD recovering in Q1 2010 but do expect losses to be contained by concerns over the ending of special liquidity provisions in February and March.



GBP/USD Movement – High’s & Low’s of last week (28/12/09 – 01/01/10)

High’s: 1.6238
Low’s: 1.5833

A movement of:2.56%

Difference on £200k

High: USD324,760
Low: USD316,660

Difference of: USD8,100

Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.

A further update will be added next week.

Regards


Mark Bodega
HiFX
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