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Weekly Currency Update GBP/USD - Week ending 5th February

Weekly Currency Update GBP/USD - Week ending 5th February

Old Feb 8th 2010, 12:13 am
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Default Weekly Currency Update GBP/USD - Week ending 5th February

Hi All,

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

Data for the US has been more favourable this week leading to USD strength pushing below 1.60 for only the second time since October.
Durable Goods Orders, which is an important gauge of optimism in the US and is a good forecast of output, was both better than expected and better than the previous figure. Also US GDP was released at 5.7% vs. expected 4.7%. Compare this to the UK’s GDP being only just 0.1% and its no surprised the $ is strengthening against the £!


GBP/USD movement – High’s & Low’s of last week (1st Feb to 5th Feb)

High’s: 1.6072
Low's: 1.5558

A movement of 3.30%

Difference on £200,000

High: $321,440
Low: $311,160

Difference of: $10,280

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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