Weekly Currency Update GBP/USD - Week ending 12th March
Mar 16th 2010, 10:35 am
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Weekly Currency Update GBP/USD - Week ending 12th March
Hi All,
As promised here’s a brief update on what’s been happening with the US Dollar over the last week.
Key Core Retail Sales (+0.8% m/m) rose unexpectedly strongly in February as consumers bought an array of goods from necessities to luxury items. Growing private consumption is critical to sustainable growth in the US as it must replace the government backed incentive schemes and inventory re-building that have largely driven economic growth over the last 12 months. The UoM Consumer Sentiment Index (72.5 from 73.6) took the shine off the retail sales data, as job insecurity continues to undermine household confidence, even as the economy looks to be on the verge of creating jobs for the first time since January 2008.
Perhaps as a warning of problems down the road, February’s Federal Budget Deficit hit a record $220.91 billion, the 17th consecutive monthly deficit and a 2010 fiscal year-to-date shortfall of $651.6 billion. This week manufacturing indices and housing data will be watched closely.
GBP/USD movement – High’s & Low’s of last week (8th March – 12th March)
High’s: 1.5219
Low's: 1.4872
A movement of 2.33%
Difference on £200,000
High: USD 304,380
Low: USD 297,440
Difference of: USD 6,940
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 - HiFX
As promised here’s a brief update on what’s been happening with the US Dollar over the last week.
Key Core Retail Sales (+0.8% m/m) rose unexpectedly strongly in February as consumers bought an array of goods from necessities to luxury items. Growing private consumption is critical to sustainable growth in the US as it must replace the government backed incentive schemes and inventory re-building that have largely driven economic growth over the last 12 months. The UoM Consumer Sentiment Index (72.5 from 73.6) took the shine off the retail sales data, as job insecurity continues to undermine household confidence, even as the economy looks to be on the verge of creating jobs for the first time since January 2008.
Perhaps as a warning of problems down the road, February’s Federal Budget Deficit hit a record $220.91 billion, the 17th consecutive monthly deficit and a 2010 fiscal year-to-date shortfall of $651.6 billion. This week manufacturing indices and housing data will be watched closely.
GBP/USD movement – High’s & Low’s of last week (8th March – 12th March)
High’s: 1.5219
Low's: 1.4872
A movement of 2.33%
Difference on £200,000
High: USD 304,380
Low: USD 297,440
Difference of: USD 6,940
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 - HiFX
