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Weekly Currency Update - GBP/USD week ending 27th November

Weekly Currency Update - GBP/USD week ending 27th November

Old Nov 30th 2009, 1:29 pm
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Default Weekly Currency Update - GBP/USD week ending 27th November

Hi All,

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

As expected US Q3 Gross Domestic Product (GDP) was revised down from an annualised 3.5% to 2.8% q/q. However, it is still the fastest pace of growth since Q3 2007 and the first positive quarter after 4 straight declines in the deepest recession in 70years.

The housing data releases showed continued stabilisation within the sector; Existing Home Sales (annualised 6.10m) and New Home Sales (annualised 430k) beat market expectations.

As usual in the first week of any month, Non-farm Payrolls will dominate the economic releases this week as well as the developing story in Dubai and the potential knock-on effects in global financial markets.

GBP/USD Movement – High’s & Low’s of last week (23/11/09 – 27/11/09)

High’s: 1.67436
Low’s: 1.62698

A movement of: 2.91%

Difference on £200k;

High: $334,872
Low: $325,396

Difference of: $9,476

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
Director, HiFX
Windsor2 is offline  

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