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Weekly Currency Update GBP/USD - Week ending 9th April

Weekly Currency Update GBP/USD - Week ending 9th April

Old Apr 13th 2010, 12:30 am
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Default Weekly Currency Update GBP/USD - Week ending 9th April

Hi All,

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

The ISM Non-manufacturing Index (55.4 from 53.0) beat market expectations and recorded its highest reading since May 2006; the important services sector, which makes up nearly 90% of the US economy, has been lagging manufacturing as the main driver of the recovery but recent data has shown an encouraging trend of broader based and more self-sustaining growth.

Forward orders for services are also accelerating, which bodes well for job creation and retail sales in the months ahead. Perhaps in an early indication of retail demand, March same store sales surged 9.1% and underpinned equity markets that are looking for consumer spending to take up the slack as government stimulus is gradually reined back.

A full data diary this week will be keep traders busy along with the start of the quarterly corporate reporting season.

GBP/USD movement – High’s & Low’s of last week (5th April– 9th April)

High’s: 1.5394
Low's: 1.5129
A movement of 1.75%

Difference on £200,000

High: USD 307,880
Low: USD 302,580

Difference of: USD 5,300

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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