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Home Forex Check Forex Rate Exchange rates: British Pound benefits across the board
Exchange rates: British Pound benefits across the board PDF Print E-mail
Written by Will Peters   
Wednesday, 28 July 2010 11:28
The British Pound also recovered earlier losses against the resurgent Euro, rising towards 1.1960 in London.

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The Pound Dollar exchange rate is 0.032% lower on the hour with 1 GBP = 1.5582 USD at 12 PM in London.

The Pound Euro exchange rate is 0.040% lower with 1 GBP = 1.1995 EUR.

The Pound Australian Dollar exchange rate is 0.672% higher 1 GBP = 1.7402 AUD.

"The British Pound rallied to a fresh five-month high against the US Dollar this morning, while the UK currency also made strong gains versus the majority of the 16 most actively traded currencies," reports Adam Solomon at foreign exchange brokers Tor FX.

The British Pound hit a high of 1.5575 in London, as global risk appetite continues to improve, diminishing the allure of the U.S Dollar as a safe haven asset.

Weighing on the US Dollar are concerns over the US economic outlook, amid fears of a double-dip recession, as the economic data points to a slowing housing market and rising unemployment.

Alongside the stronger exchange rate are strong UK stocks which have risen for a second successive day, buoyed by a rally in banking shares, as Barclays Plc rose 5%.

The benchmark FTSE 100 Index was up 0.8% by midday, while crude oil prices also hit an 11-week high, after analysts at Goldman Sachs said that the price was too cheap.

Risk appetite continued to improve, after the Basel Committee on Banking Supervision relaxed some of its tougher proposals on capital and liquidity rules.

Solomon says:

"The latest CBI retail sales data yesterday was much stronger-than-expected and this triggered a fresh surge in the Pound to the upper resistance levels above $1.55 against the Dollar.

"The survey recorded a strong figure for July and retailers were also optimistic over the outlook for August. Although distorted to some extent by methodology changes, the survey was a four-year high and the Pound was able to continue its upward momentum."

The British Pound also recovered earlier losses against the resurgent Euro, rising towards 1.1960 in London, despite a lack of any key economic data released in the UK or the Euro-zone.

"The corrective recovery appears more technical than fundamental, but Euro buyers are advised to be cautious, as the single currency broke through $1.30 against the U.S Dollar this morning. The performance of the single currency versus the greenback seems to be dictating GBP/EUR in recent days and buyers would be well placed to utilise a stop order to protect against a further downward move," says Solomon.


Last Updated ( Wednesday, 28 July 2010 11:31 )
 

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