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Weekly Currency Update - GBP/USD week ending 20th November

Weekly Currency Update - GBP/USD week ending 20th November

Old Nov 24th 2009, 3:41 pm
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Default Weekly Currency Update - GBP/USD week ending 20th November

Hi All,

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

Headline October Retail Sales (+1.4% m/m) beat market expectations as auto sales rebounded from a very weak September, but a sharp downward revision to the previous month (-2.3% from -1.5% m/m) and much weaker core retail sales (+0.2% m/m) that excludes autos put the capacity and willingness of households (the saviour of previous recessions) to drag the economy into sustained recovery into doubt. Industrial Production (0.1% m/m) was weaker than expected in October but managed to record its 4th straight monthly increase, however Capacity Utilisation (70.7%) is a full 10 points below its 1972-2008 average and indicates considerable slack still available to manufactures. Housing data continued its indifferent run with Housing Starts (0.529m) dropping to the lowest level in 6 months and Building Permits (0.552m) dropping back 4% in October. Further evidence of on-going housing market problems was the fall in mortgage applications that hit a 12-year low even as longterm mortgage rates were down at the lowest level for 6 months.

This week preliminary GDP (Gross Domestic Product), more housing data and Durable Goods will be watched closely.

GBP/USD Movement – High’s & Low’s of last week (16/11/09 – 20/11/09)

High’s: 1.6879
Low’s: 1.6460

A movement of: 2.55%.

Difference on £200k

High: $337,580
Low: $329,200

Difference of: $8,380

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.


Mark Bodega
Director - HiFX
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