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Discussion Starter · #1 ·
Hi All,

As promised here’s a brief update on what’s been happening with the US Dollar over the last week.

Key headline Retail Sales (-1.5% m/m) reflected a sharp pullback in car sales (-10.4% m/m) as the government sponsored ‘cash for clunkers’ programme expired. Core retail sales (ex-autos, +0.5% m/m) were more encouraging, recording a second month of growth and raising optimism that the worst of the recession was over. Firms are showing less faith in the recovery story as already depleted Business Inventories (-1.5% m/m) fell at a record pace and recorded the 12 straight monthly decline. Manufacturing continues to show patchy improvement with the New York Fed Index jumping to 34.6 from 18.9 but the Philly Fed Index falling back to 11.5 from 14.1. Friday saw preliminary University of Michigan Consumer Sentiment (69.4 from 73.5) disappoint market watchers as households continue to rebuild personal balance sheets and repay debt in an economic environment that is far from certain.

Important earnings figures from Apple, Caterpillar and Coca-Cola along with several speeches by Fed Chairman Bernanke will dictate the market tone this week.

USD Movement – High’s & Low’s of last week (12/10/09 – 16/10/09)

High’s: 1.6401
Low’s: 1.5709

A movement of: 4.41%.

Difference on £200k

High: $328,020
Low: $314,180

Difference of: $13,840

Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.

A further update will be added next week.


Jon Sermon
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