Phil Bennetts

Currency Market Update 10/11/09



Posted: Tuesday, November 10, 2009

by Phil Bennetts
Sat WorldWide

The Pound had a mixed bag yesterday with gains against the Dollar and although it hit over 1.12 fell sharply over the course of the day. This morning due to remarks by a senior official at Fitch Ratings that the U.K. is most at risk among major economies of losing its AAA status has continued to fall against both the dollar and the Euro. We need a close overnight of 1.12 against the Euro to see the pound regain some of its momentum on the upside

The Dollar fell against the Pound and the Euro as risk sentiment increased yesterday due to ISM manufacturing and factory orders posted gains. The FOMC rate announcement last Wednesday, while coming in as expected, cast a shadow of doubt upon the nascent US economic optimism.

Interbank Rates at 10.30am UK

GBP-EURO 1.111

GBP-USD 1.667

GBP-AUD 1.796

Phil Bennetts Compare money transfers



Adam Cotton



Business Foreign Exchange



This Article has been viewed 115 times. (Not updated in real-time.)
No comments yet.
We want your comments! If you can read this, you don't have javascript enabled, so you can't use this comment system. Please enable javascript.