Weekly Currency Update GBP/USD - Week ending 25th June
Jun 30th 2010, 2:06 pm
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Weekly Currency Update GBP/USD - Week ending 25th June
Hi All,
As promised here’s a brief update on what’s been happening with the US Dollar over the last week.
The Federal Reserve gave a rather downbeat view of the economy in justification of keeping the outlook for official rates at low levels for an ‘extended period’. Although the immediate impact on markets was muted, the less than rosy assessment did little to improve underlying market sentiment that is struggling to find reasons to support risky equities.
Last week’s housing data did nothing to allay concerns, as Existing Home Sales and New Home Sales seriously fell below market expectations and confirmed suspicions that housing demand has been highly dependent on government stimulus packages. Additionally, the economy needs to be firing on all cylinders to make any significant inroads into an unemployment rate holding stubbornly near 10%. This week Non-farm Payrolls will dominate market attention.
GBP/USD movement – High’s & Low’s of last week 21st June –25th June
High’s: 1.5011
Low's: 1.46845
A movement of 2.22%
Difference on £200,000
High: USD 300,220
Low: USD 293,690
Difference of: USD 6,530
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.
The Federal Reserve gave a rather downbeat view of the economy in justification of keeping the outlook for official rates at low levels for an ‘extended period’. Although the immediate impact on markets was muted, the less than rosy assessment did little to improve underlying market sentiment that is struggling to find reasons to support risky equities.
Last week’s housing data did nothing to allay concerns, as Existing Home Sales and New Home Sales seriously fell below market expectations and confirmed suspicions that housing demand has been highly dependent on government stimulus packages. Additionally, the economy needs to be firing on all cylinders to make any significant inroads into an unemployment rate holding stubbornly near 10%. This week Non-farm Payrolls will dominate market attention.
GBP/USD movement – High’s & Low’s of last week 21st June –25th June
High’s: 1.5011
Low's: 1.46845
A movement of 2.22%
Difference on £200,000
High: USD 300,220
Low: USD 293,690
Difference of: USD 6,530
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
