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Weekly Currency Update - GBP/USD week ending 11th December

Weekly Currency Update - GBP/USD week ending 11th December

Old Dec 7th 2009, 10:42 am
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Default Weekly Currency Update - GBP/USD week ending 11th December

Hi All,

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

The economic data in the early part of the week was completely dwarfed by Friday’s November employment numbers that showed Non-farm Payrolls only fell 11k (expected -130k) and the Unemployment Rate improved from 10.2% to 10.0%. The improvement in payrolls was broad based and downward revisions of 159k for September and October gave the report an extremely strong underlying tone. It suggests that the labour market is much closer to its trough and more synchronised with other forward looking economic indicators.

The improving jobs market had traders fretting about the Fed hiking rates sooner than previously expected and buying USD to reduce large short positions; the ICE Futures dollar index gained 1.6% and recorded its biggest gain since October 2008. Other data in the week was also generally good with the Chicago PMI (56.1) hitting a 15 month high, Pending Home Sales (+3.7% m/m) and the Feds Beige Book showing improving trends in 8 of the 12 regions.

The only really disappointing number was the ISM Nonmanufacturing PMI (48.7) that slipped back into contraction after just 2 months above the expansionary 50 level. The non-manufacturing sector (services including banks, hotels, airlines and restaurants) is hugely important to the US as it contributes 80% to total economic activity and employs the vast majority of workers. This week Retail Sales and Consumer Sentiment will draw attention.

GBP/USD Movement – High’s & Low’s of last week (30/11/09 – 04/12/09)

High’s: 1.67197 on the 03/12/09
Low’s: 1.63782 on the 30/11/09

A movement of: 2.10%

Difference on £200k

High: USD 334,394
Low: USD 327,564

Difference of: USD 6,830

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
Director
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