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Weekly Currency Update GBP/USD - Week ending 19th February

Weekly Currency Update GBP/USD - Week ending 19th February

Old Feb 21st 2010, 10:43 pm
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Default Weekly Currency Update GBP/USD - Week ending 19th February

Hi All,

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

The major news of the week came from the Fed Reserve as it hiked the rate it
charges banks for emergency loans, the discount rate, by 25 basis points to 0.75%. Although the rate increase had been signalled by Fed Governor Bernanke in congressional testimony, the early move surprised the market and fuelled a jump in the US dollar, selling of US Treasury Bonds and equity futures. The move is a step to normalization of emergency measures as the financial system has stabilised and three Fed governors expressly stated after the announcement that it was not a precursor to an early tightening of general monetary policy. Other data showed manufacturing still leading the recovery; the Empire State (24.9) and Philly Fed (17.6) manufacturing indices both beat market expectations. Housing continues to stabilise as seen in the NAHB Housing Index (17 from 15), Housing Starts (0.59m) and Building Permits (0.62m) that were on or above forecasts. This week, Bernanke’s semi-annual testimony to Congress will be closely watched for insight into the Fed’s assessment of the recovery and any hints as to the timing of monetary tightening. Also the results of large retailers such as Target and Home Depot will draw attention as consumer spending is essential to sustained economic growth with a 70% contribution to GDP.



GBP/USD Movement – High’s & Low’s of last week (12/02/09 – 19/02/10)
High’s: 1.5822
Low’s: 1.5348

A movement of:3.09%

Difference on £200k

High: USD 316,440
Low: USD 306,960

Difference of: USD 9,480

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
HiFX
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