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Weekly Currency Update GBP/USD 6th – 10th July

Weekly Currency Update GBP/USD 6th – 10th July

Old Jul 15th 2009, 3:36 am
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Default Weekly Currency Update GBP/USD 6th – 10th July

Hi all,

Here’s an update of what’s been happening in the Currency Markets over the last week.

Data releases from the UK were, a fall in the monthly reading of the Halifax house price survey by 0.5%. This contrasted with the excitement generated by the Nationwide’s 3rd rise in 4 months but, to put it in context, the Halifax series had thrown out a massive 2.6% rise in May, so their 3 month moving average is still looking positive, and then to poor Industrial and Manufacturing Data.

Sterling bulls were left nervous and this gave the bears some courage.

However, some of the blame for the overall decline in GBP/USD, at one point below 1.60, was a renewed bout of risk aversion in global stock and commodity markets that saw the oil price continue its recent run down from $73 to $60, stock markets sag and traders rushing back into the credit crunch safe-haven currencies, namely the Dollar and the Yen.

China did its bit to temper enthusiasm for the Dollar by kicking up a fuss at the G8 conference about the current global reserve currency regime, an implied criticism of the Dollar’s role, once again.

USD Movement – High’s & Low’s of last week (06/07/09 – 10/07/09)
High’s: 1.6381
Low's: 1.5982
A movement of 2.50%

Difference on £200,000
High: 327,620 USD
Low: 318,640 USD
Difference of: 7,980 USD

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.

Regards,

Mark Bodega
Director - HiFX
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