Phil Bennetts

Currency Exchange Update 18/11/09



Posted: Wednesday, November 18, 2009

by Phil Bennetts
Sat WorldWide

The Pound continued from Mondays trading as sterling enjoyed another day of strength. With highs of just over 1.13 on the Euro and 1.6873 on the Dollar. If gains are to continue today the  CBI data  must be good and the BOE meeting minutes must have a positive light for investors. Meanwhile the Consumer Prices Index (CPI) climbed to 1.5% in October, up from 1.1% in September. The Retail Prices Index (RPI) inflation measure, which includes mortgage interest payments and housing costs, rose to -0.8% from -1.4%.

The Dollar hit an overnight low of 1.6873 against the Pound as data for the U.K. reinforced an improved outlook. However the Bank of England meeting minutes are scheduled for release at 9:30 GMT this morning, we could see the Pound/ Dollar hold a narrow range as investors weigh up the outlook for future policy.

The Euro recorded a 3.7bn-euro trade surplus. It had been expected that the deficit would be approximately 2bn Euros. A steep climb in exports contributed to the surplus. On a seasonally-adjusted basis, exports rose 5.5% in August. The economy has grown by 0.4% in the third quarter lifting the Euro zone out of recession.

Phil Bennetts

Currency Exchange Service
Adam Cotton



Business Foreign Exchange



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