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Sterling drops on Budget Report

Rob Bastin — Wed, 24 Mar 2010 17:58:19 +0000

GBP/USD exchange rates hit a 3 week low today dropping by 1.10% after the UK budget report. The dollar was also benefitting from a flight to safety from a broadly weaker Euro during Wednesday’s trading. Losses against the CAD where slightly less damaging at 0.15% but GBP/CAD exchange rates continue to breach new record low levels.

Sterling markets await bugdet report

Rob Bastin — Tue, 23 Mar 2010 18:07:17 +0000

GBP/USD exchange rates finished the day down by 0.4% after a volatile days trading. Official figures confirmed inflation levels in the UK at 3%, just below analysts forecasts and if anything the pound lost ground against most major currencies after this release. UK mortgage approvals where however up to 35.2k in February, better than the forecasted drop o 34.2k. The markets will now be eagerly awaiting the chancellors budget report to be announced tomorrow

Sterling hits 3 week high against US Dollar

Rob Bastin — Wed, 17 Mar 2010 17:48:19 +0000

GBP/USD exchange rates peaked at a 3 week high on Wednesday morning after better than expected unemployment figures for the UK. The Bank of England minutes also boosted Sterling exchange rates after they confirmed that the decision 2 weeks ago not to extend their assest purchase programme was unanimous with a vote of 9-0. Public sector net borrowing figures tomorrow moring at 0930 GMT will be next point of focus for the UK.

Sterling rebounds against US Dollar

Rob Bastin — Tue, 16 Mar 2010 17:29:08 +0000

After early morning losses the pound was able to recover and rebound against all major currencies, with the best gains seen against the greenback with GBP/USD exchange rates up by 1% in the afternoon hitting a 3 week high. Positive housing data for the UK was the main driver of these gains on Tuesday. Tomorrow morning at 9:30am the Bank of England release their much awaiting minutes from March’s interest rate decision. A split decison result of the decison to not extend QE could easily see todays gains wiped out.

Sterling dollar hits 1 week low

Rob Bastin — Wed, 10 Mar 2010 17:32:08 +0000

Sterling had another tough day on the markets today contuing the losses seen so far this week. Poor industrial and manufactoring figures showed contractions of 0.4% and 0.9% respectively which saw the pound drop by 0.35% against the US and Canadian dollars by the afternoon. Analysts had been expecting postitive growth and so these figures have put even more pressure on the already suffering pound.