EURO/GBP – 1.1783
US$/GBP – 1.6230
CHF/GBP – 1.5070
CAN$/GBP – 1.5834
AUS$/GBP – 1.6062
ZAR/GBP – 11.320
JPY/GBP – 133.24
HKD/GBP – 12.650
NZD/GBP – 2.190
SEK/GBP – 10.286
US$/EURO – 1.3773
Sterling jumped to the highest level against the US dollar for over a year after stronger than expected UK data left investors expecting an interest rate hike far before the USA. House prices, mortgage approvals and UK manufacturing PMI all beat expectations and data showed that net lending to individuals had improved. This saw sterling jump to $1.6330/£1 – the highest since January 2010 – as investors felt that the Bank of England was set to raise interest rates before the summer. In testimony to a government committee, Bank of England Governor Mervyn King maintained his view that inflation would remain above the target level of 2% for the rest of the year. In terms of data, we have construction sector activity figures which could see a boost. Call in now for a live exchange rate.
In the euro zone, figures showed that German unemployment fell by more than expected in February. The euro hit a high of $1.3852/€1 against the US dollar but gave up those gains as US Federal Reserve Chairman Ben Bernanke gave a mixed assessment of the US recovery. In a volatile day of trading, the euro also dropped against sterling. It is a relatively quiet day for data, but volatility is likely to remain so call in now for a live exchange rate.
In the USA, all eyes have been on Federal Reserve Chairman Ben Bernanke’s testimony to the US Congress. Bernanke’s assessment was mixed; stating that the risk of negative growth had fallen, but job growth was far too anaemic. Importantly, he offered no clue as to when the Fed would look to rein in the $600bn of Quantitative Easing that has been pumped into the economy, leaving markets to speculate that the USA would lag far behind the UK and Europe in tightening rates. Call in now for a live price.
Elsewhere, the Canadian dollar fell against the US dollar after the Bank of Canada kept its main interest rate on hold at 1% and gave no clue as to plans to increase rates in the future. Once again, tensions in the Middle East have kept crude oil at around $112 per barrel.
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