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GBP/USD Weekly Currency Update - Week ending 24th July

GBP/USD Weekly Currency Update - Week ending 24th July

Old Jul 28th 2009, 12:31 am
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Default GBP/USD Weekly Currency Update - Week ending 24th July

Hi All,

Here’s an update on what’s been happening in the currency markets over the last week.

As we celebrated the 40th anniversary of the lunar landing, the equity markets continued their propulsion higher as confidence grew amid the US reporting season, with 75% of companies that have reported thus far, exceeding market expectations.

The FTSE 100 has now pushed higher on 10 consecutive trading sessions, a feat only managed twice in its 25 year history and never at this rapid 10% rate of ascendency. Is this the Armageddon bounce that we have been waiting for, or are the equity markets divorcing themselves from economic reality? This distinction could not have been made clearer than the way share prices last week shrugged off the Q2 GDP data, which could only be described as shockingly grim.

Growth in the UK in Q2 fell by 0.8%, more than twice as bad as market expectations, taking the year on year drop to 5.7% and markedly outpacing the recession in the early 1990’s, although still behind the 6.4% drop in growth in the early 1980’s.

There were however some fresh green shoots from of the housing market, with a jump in mortgage approvals and also on the High Street as retail sales surged by 1.2% in June, although the weather and early discounting were cited as the transitory positive influences.

USD Movement – High’s & Low’s of last week (20th – 24th July)

High’s: 1.6588
Low's: 1.6310
A movement of 1.7 %

Difference on £200,000

High: $331,760
Low: $326,200

Difference of: $5,560

Whilst FX certainly 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.

Best Regards,

Mark Bodega
Director - HiFX
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