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Weekly Currency Update GBP/USD - Week ending 16th April

Weekly Currency Update GBP/USD - Week ending 16th April

Old Apr 20th 2010, 1:49 am
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Default Weekly Currency Update GBP/USD - Week ending 16th April

Hi All,

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

Retail Sales (+1.6% m/m) backed up the previous week’s same-store-sales (+9.1%) data with the largest monthly gain since November 2009 and raised hopes that the recovery is gaining a broader and more sustainable foothold. Other indicators, the Beige Book (growth in 11 of 12 Fed districts), Empire State Manufacturing Index (31.9 from 22.9) and Philly Fed Manufacturing Index (20.2 from 18.9) all reflected the rebuilding of inventories and recovering domestic demand.

Housing and a weak jobs market will provide significant headwinds and this was highlighted by Fed Chairman Bernanke in congressional testimony that was less than enthusiastic about the recovery story so far and did not completely rule out the prospect of a double-dip recession; with housing foreclosures at record levels and weekly unemployment claims giving back some recent gains, his caution should be respected.

This week housing data and on-going corporate earnings reports will focus market attention.

GBP/USD movement – High’s & Low’s of last week (12th April– 16th April)

High’s: 1.5526
Low's: 1.5336
A movement of 1.24%

Difference on £200,000

High: USD 310,520
Low: USD 306,720

Difference of: USD 3,800

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
Windsor2 is offline  

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