Figures yesterday showed that the build up to the Olympics had resulted in a positive effect on the UK high street with retail figures showing stronger than expected figures which resulted in Sterling exchange rates pushing up against most the major currencies. This positive news follows on from better than expected unemployment figures and so has seen Sterling push back close to some of the best levels of exchange we have witnessed for some time against the Euro presenting clients with some excellent opportunities to buy Euros. What will now be interesting is whether the feel good factor of the Olympics carries through into other sectors and also maintains the positivity seen on the high street for the comnig months in the lead up to Christmas. Should we be able to keep some of this positive momentum it may boost the UK economy and may help us get out of the current recession however there is still much needed to make sure this happens and so the economic data releases will be very closely monitored over the coming weeks and months.
In the meantime the race for the White House continues as the two parties continue to trade blows while the US Dollar remains fairly flat against Sterling. We predicted sometime ago that cable (GBP USD exchange rate) would remain fairly flat as we are fairly close to the historic average for this currency pair. I would expect to witness some volatility the closer we get to the Presidential elections in America but would still be surprised to see it push much higher. So, if you need to buy US Dollars speak to one of our experience currency brokers today so they can discuss your currency requirements and the options available to you so you can make an informed decision on when to trade.
You can call straight through to our trading floor for free on 0800 328 5884 or email us directly on firstname.lastname@example.org and we will be happy to help.