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By Michael Vaughan

GBP exchange rates have continued to fall against the dollar falling over 0.5% this morning. The USD in particular has benefitted from a ‘flight to safety’ as investors have been moving from riskier assets such as the pound into securer assets such as the greenback.

By Michael Vaughan

The pound has fallen against the USD and Canadian Dollar today falling 0.5% and 0.25% respectively.

The USD has performed particularly well of late against sterling. As being perceived a safe haven currency it performs better when the market is spooked by financial concerns such as those seen in Dubai recently.

By Michael Vaughan

Sterling has continued its weak run against the US and Canadian Dollar falling 0.5% against the greenback (USD) and falling over 1% against the loonie (CAD).

Sterling has fallen following the pre-budget report this afternoon in which Alistair Darling outlined his plan for reducing the UK’s current deficit and public spending. He was also forced to admit that the recession in the UK had been worse than he predicted last year and said the economy would shrink by 4.75% in 2009 compared with his Budget estimate in April of 3.5%.

By Michael Vaughan

Sterling continued its poor run against the USD falling 0ver 0.5% against the greenback but was to strengthen against the loonie (Canadian Dollar).

GBP/USD levels reached a 6 week low following a report from Moody’s the credit rating agency warning that the triple-A rating for some of the developed economies, including the UK, would be scrutinised highlighting some of the financial woes they face.

By Michael Vaughan

Sterling continued yesterday’s strong performance against the US dollar gaining a further 0.25% and reversed some of the losses seen against the Canadian Dollar yesterday.

Both the US and Canadian Dollar are affected by the price of oil as oil is priced in USD and with Canada being the second largest exporter of oil. When the price of oil increases you will often see the CAD strengthen and the USD weaken.