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Weekly Currency Update GBP/USD - Week ending 12th February

Weekly Currency Update GBP/USD - Week ending 12th February

Old Feb 14th 2010, 9:53 pm
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Default Weekly Currency Update GBP/USD - Week ending 12th February

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

Retail Sales (+0.5% m/m) were unexpectedly strong in January as consumers felt comfortable to spend on luxury goods as well as essential items. Consumer spending, which is by far the biggest contributor to GDP, is growing at 2.5 to 3% on a quarterly basis and looks set to drive Q1 GDP and build on Q4 2009’s 5.7% annualised gain.

Optimism was slightly tempered with the Consumer Sentiment (73.7 from 74.40) release that showed continued concerns about job security and the housing market but the overall trend is still positive and keeps hopes alive that the consumer can start to replace government sponsored stimulus packages as the main driver of the economy.

This week manufacturing indices and housing data will be watched closely for further good news.


GBP/USD movement – High’s & Low’s of last week (08-02-10 to 12-02-10)

High’s: 1.6072
Low's: 1.5558

A movement of 3.30%

Difference on £200,000

High: $ 321,440
Low: $ 311,160

Difference of: $10,280

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.

Regards


Mark Bodega
Director
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