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The Pound losses 2 Cents vs US Dollar

The Pound losses 2 Cents vs US Dollar

Old Oct 7th 2011, 9:52 am
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Default The Pound losses 2 Cents vs US Dollar

What a day yesterday was in the FX market.......

Although Sterling has partially recovered today, it lost 2 cents vs the US Dollar yesterday owing to the announcement of more QE(Money printing) in the UK. The Bank of England saw it as necessary owing to the global economic downturn and the threat of the Eurozone debt crises.

It will be interesting to see how the US job report figures come out today?

Will the Pound come under more pressure......
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Old Oct 7th 2011, 3:52 pm
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Default Re: The Pound losses 2 Cents vs US Dollar

Well - you would think it would! The US jobs numbers were better than expected, the Bank of England is going to resume QE and Moodys is downgrading British banks because of rumors of another bailout. Instead the pound seems to be rising back up again. I'm guessing the BOE announcement took the markets by surprise and they oversold on Sterling.
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Old Oct 7th 2011, 3:54 pm
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Default Re: The Pound losses 2 Cents vs US Dollar

Originally Posted by HumphreyC View Post
Well - you would think it would! The US jobs numbers were better than expected, the Bank of England is going to resume QE and Moodys is downgrading British banks because of rumors of another bailout. Instead the pound seems to be rising back up again. I'm guessing the BOE announcement took the markets by surprise and they oversold on Sterling.
As long as it's moving, there's money to be made.
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Old Oct 7th 2011, 3:58 pm
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Default Re: The Pound losses 2 Cents vs US Dollar

Did you check behind the sofa, that's where I usually lose stuff.
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Old Oct 7th 2011, 7:04 pm
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Default Re: The Pound losses 2 Cents vs US Dollar

Originally Posted by Jordan Tilley View Post
Although Sterling has partially recovered today, it lost 2 cents vs the US Dollar yesterday
It lost 2.5 cents last week but I don't remember the thread announcing it?

Also, what figures are you using? Last couple of days only seem to be half cent differences, up and down. Mind you, I managed to make over a grand in a few minutes. Unfortunately it was only play money.
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Old Oct 8th 2011, 9:17 am
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Default Re: The Pound losses 2 Cents vs US Dollar

The last two times the BBC news said the pound worsened 2c against the dollar I checked XE.com, and it didn't appear to have changed at all. It's still around the $1.55/$1.56 mark.

Today: $1.555
Yesterday: $1.562
Thursday: $1.540
Wednesday: $1.543

- so if anything the pound gained yesterday, compared to Wednesday/Thursday ...

Jordan, you're the expert so what do you make of that?

Last edited by dunroving; Oct 8th 2011 at 9:26 am.
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Old Oct 16th 2011, 3:47 pm
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Default Re: The Pound losses 2 Cents vs US Dollar

Originally Posted by dunroving View Post
The last two times the BBC news said the pound worsened 2c against the dollar I checked XE.com, and it didn't appear to have changed at all. It's still around the $1.55/$1.56 mark.

Today: $1.555
Yesterday: $1.562
Thursday: $1.540
Wednesday: $1.543

- so if anything the pound gained yesterday, compared to Wednesday/Thursday ...

Jordan, you're the expert so what do you make of that?
Just to note the pound has now been at about $1.59 for the past few days. Just goes to show even the experts don't know where exchange rates are going.
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Old Oct 17th 2011, 1:03 pm
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Default Re: The Pound losses 2 Cents vs US Dollar

It is very dependent on when you are looking at the rates. Are you comparing the high or lows of the day or the average price?

For instance today's opening price GBPUSD was 1.5816 the high of today is 1.5849 and the low 1.5730.

It seems the Pound is being helped along by more risk appetite in the markets.
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