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Hi All,

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

Federal Reserve Chairman Bernanke held firm in testimony to Capital Hill that rates would remain on hold for an extended period but some doubts about the effect of near-zero levels were heard later in the week from FOMC member Thomas Hoenig, who expressed concern that ultra-low rates, and the certainty that they will stay low for a long time, may invite unwelcome levels of speculative activity. Overall, given the high rate of unemployment, soft housing market, low levels of inflation rates and doubts about the sustainability of the recovery rates are unlikely to change for at least another 8 months. Manufacturing continues to be a bright spot in the economy as seen in the Richmond (+2) and Chicago (62.6) Manufacturing Indices that both beat expectations. However, housing is showing far less robustness and is likely to undermine consumer confidence, along with job security, for a good while yet; New Home Sales (309k), House Price Index (-1.6% m/m) and Existing Home Sales (5.05m) all disappointed last week. A plethora of data this week will culminate with Non-farm Payrolls early Saturday.


GBP/USD Movement – High’s & Low’s of last week (22/02/09 – 26/02/10)

High’s: 1.5578
Low’s: 1.5153

A movement of:2.80%

Difference on £200k

High: USD311,560
Low: USD303,060

Difference of: USD8,500

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.

Regards



Mark Bodega
HiFX
 
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