Phil Bennetts

Currency Exchange Update 17/11/09



Posted: Tuesday, November 17, 2009

by
Foreign Exchange Explained

The Pound enjoyed a good day on the markets yesterday. With at long last a close above the 1.12 level, we could see some sterling strength. However a cautionary note that data out today could see us rebound back into the 1.11's

The Dollar again fell against the Pound and Euro after the Fed's Chairman Ben Bernanke pledged to keep interest rates at a record low to help with the economic recovery, but he also said the central bank will monitor the weak U.S. dollar. Higher interest rates can support a currency as investors transfer funds in search of better returns.

The Euro consumer prices again fell in October, the fifth straight month by 0.1% but the pace of the decline has slowed down from -0.3% from the previous month. Energy costs are down 0.8% from a year ago as household's cut back on spending amid the rising unemployment. Weak domestic demand continues to force retailers to cut prices



 
Phil Bennetts
Currency Exchange Service
Phil Bennetts
Currency Exchange Service
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