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GBP-USD $50 billion aid program
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Wednesday, 18 February 2009 |
American banks agreed last Wednesday not to foreclose on troubled mortgage-holders for at least a few weeks, whilst the government launches a $50 billion aid program for homeowners. This was part of a wider economic stimulus package, announced midweek and passed by Congress on Friday, which lent strength to the US Dollar. The Dollar was further supported by a surprise 1% monthly increase in retail sales on Tuesday. However there was a reduction in the level of both imports and exports. This caused the US Dollar to weaken against most major currencies, though not against Sterling, mostly because of broadly similar data from the UK. The reduction in trade was the primary focus of the G7 meeting at the weekend, where members worried about an increase in protectionism as seen during the Great Depression.
In the week ahead, the release of the minutes of January's Federal Reserve meeting is scheduled on Wednesday, along with a speech by Chairman Ben Bernanke about liquidity programmes. The Philadelphia Fed Manufacturing Survey on Thursday will also be closely watched, with an above-expectations reading likely to be positive for the Dollar.
All things considered, both the UK and the U.S are suffering significantly from the current economic slowdown, although at the moment it appears to be Sterling which is struggling the most. For those who remain optimistic of a GBP recovery it might be wise to speak with your account manager about the benefits of Stop/loss orders to protect yourself. »
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