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Home Forex Check Forex Rate Exchange rates latest: British Pound rangebound
Exchange rates latest: British Pound rangebound PDF Print E-mail
Written by Sam Coventry   
Monday, 08 March 2010 10:55
The pound dollar exchange rate is higher but the pound euro exchange rate is lower in morning trade.



The British pound exchange rate is experiencing mixed fortunes against the dollar and euro in London at 10:45am.

The GBPUSD is 0.040% higher with 1 GBP = 1.5165 USD while the GBPEUR is 0.239% lower with  1 GBP = 1.1100 EUR.

"Following on from last week - the British Pound rose against the US Dollar on Thursday for the first time in six days, while the UK currency stood firm at the pivotal 1.10 support level versus the Euro, as reports indicated the economic recovery is gathering momentum, boosting the government's ability to tackle the budget deficit.

"Sterling strengthened against 14 out of the 16 most actively traded currencies, after Nationwide Building Society reported that consumer sentiment rose above expectations in February," reports Adam Solomon at business foreign exchange brokers TORfx.

Week past


The Pound had suffered widespread and sustained losses against all of the 16 most actively traded currencies at the start of last week, falling to a record low against the Australian Dollar, amid speculation that the general election will result in a minority government for the first time since 1974.

The ruling Labour Party is narrowing the gap on the Conservatives' and the Pound is likely to struggle to stem the flow of losses in the build up to the May/June election.

By mid week the Pound rose 0.6% against the Dollar to $1.5065, up from $1.4971 on Tuesday.
 
The Pound's plunge represents the longest run of declines in 16 months, as the UK currency lost 7% against the US Dollar since the start of the year.

The Pound strengthened against the Dollar and the Euro on Friday, after reports showed that the U.S economy lost fewer hibs last month than expected, stoking optimism that the global economic recovery is gathering momentum.

The US labour department said that employers eliminated 36,000 jobs in February, despite initial forecasts of a 68,000 reduction.

Time to square positions on British Pound


Paul Robson, senior foreign exchange strategist at RBS, said that "the pound has fallen an awfully long way in a short period of time, and the consumer confidence data provides a welcome positive.

"It may be time for people to square positions," says Robson.

Looking forward to this week, sentiment towards the UK remains fragile on a weak economic outlook and political uncertainty and with little data out this week, the pound could continue to trade around this level.

____

Thank you to Adam Solomon at business foreign exchange brokers TORfx.


Last Updated ( Monday, 08 March 2010 10:59 )
 

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