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Foreign Currency Exchange
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Thursday, 29 October 2009 |
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The Pound started and ended the week in virtually the same place against the Dollar after anticipation of favourable GDP figures failed to result.
Sterling fell sharply against the Dollar on Friday after figures showed that the UK economy is still in recession. An advanced estimate of third-quarter Gross Domestic Product showed that the economy contracted by 0.4%, a sixth consecutive quarterly decline marking us in the longest slump since records began.
The market had been expecting positive news, especially after Wednesday’s MPC minutes showed a 9-0 vote to keep rates on hold and Cable had been making good progress reaching interbank highs of 1.67. However the disappointing figures triggered a huge Sterling sell off on Friday and into this week - Furthermore the data adds weight to the argument that the Bank of England should extend Quantitative Easing measures at its next policy meeting on 5th November.
This is a bitter blow for those Dollar purchasers who have been waiting eagerly for the 1.70 level. However those purchasers who took advantage of using a Stop Loss order after the gains earlier in the week will have minimized their losses against this recent current fluctuation.
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Thursday, 29 October 2009 |
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Last week saw a very turbulent week, with Sterling starting at a low 1.0880 against the Euro, and strengthening to just over the 1.11 mark in the early part of the week, as Bank of England minutes on Wednesday morning showed unanimous support for a halt in the Quantitative Easing programme upon signs the economy was beginning to recover.
Sadly, this strength was to be short lived as GDP figures on Friday unexpectedly showed that the UK was still in recession for the third quarter. Upon this release, Sterling dropped a cent against the Euro in seconds, then a further drop down to 1.0810 as the day went on. This news was a huge blow to the UK economy, as almost all analysts had been predicting that the UK would see a return to growth in line with the rest of the world. If the US shows positive GDP figures this week as expected, then it is likely that the United Kingdom will be the last of the major world economies to exit recession, which is likely to have catastrophic consequences for the pound.
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