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Weekly Currency Update GBP/USD - Week ending 23rd April

Weekly Currency Update GBP/USD - Week ending 23rd April

Old Apr 26th 2010, 9:09 pm
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Default Weekly Currency Update GBP/USD - Week ending 23rd April

Hi All,

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

US manufacturing continues to lead the economy out of recession as seen in Core Durable Goods (+2.8% m/m), which excludes volatile transportation items, that posted the largest gain in over 2 years. Manufacturing activity is now being supplemented by recent improvements in consumer spending indicating the recovery is both broadening and gaining momentum; preliminary estimates of Q1 GDP are for growth of 3.4% after Q4 2009’s surge of 5.6%.

The troubled housing market is also showing signs of recovery with both Existing (5.35m) and New Home Sales (411k) outstripping market expectations; the housing market is still being heavily stimulated with government tax incentives but the hope is that underlying demand will be sustained as job security and general confidence steadily improve.

This week the FOMC is not expected to hike official rates but the policy statement will be watched closely for any changes in language that may indicate the end of super-low emergency rates.

GBP/USD movement – High’s & Low’s of last week (19th April– 23rd April)

High’s: 1.5475
Low's: 1.5191

A movement of 1.87%

Difference on £200,000

High: USD 309,500
Low: USD 303,820

Difference of: USD 5,680

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
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