UK/US Currency Update April 2010


April 15, 2010

From our colleagues at Moneycorps:
“The Pound benefitted from strong data released last week, including better growth estimates, rising house prices, and strong manufacturing statistics. Recent Sterling volatility concerning a possible hung UK Parliament was somewhat alleviated with the announcement of Britain’s general election, to be held on the 6th of May.
Uncertainty over these elections will still likely bring volatility as government agencies lean toward either the Tory or the Labor Party views for addressing Britain’s budget crisis. The result of this debate, basically whether to continue or to halt government spending post-election, will determine the success of the economic recovery. Although Sterling has indeed broken the trading range seen over recent weeks, looming fears leading up to the election should keep pressure on the currency.
Yesterday’s better-than-expected trade balance figures out of the UK, a £6.3 billion February deficit against the forecasted £7.3 billion deficit, was a vast improvement to the £8 billion deficit reported the previous month. With the lowest UK deficit reported since August, Sterling moved above the 1.54 GBP/USD technical barrier.
With the most US jobs created in three years in the month of March, it is natural that consumers are becoming more comfortable spending. Yesterday’s announcement of a widened trade deficit in the United States revealed economic growth, with a push from Americans purchasing more foreign-made goods, the highest demand since 2008. Watch for US unemployment & housing data being released this week.”
Recent Trading Range: $1.48 – $1.55


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