After the gains seen yesterday (Monday) sterling fell
against the U.S dollar this afternoon following comments by U.S Federal Reserve
(FED) Chairman Ben Bernanke. Pound/dollar rates dropped by nearly 0.6% to $1.5550
as Mr Bernanke gave no indication that the central bank would be looking to
pump further funds into the U.S economy.
Early in the day the run of poor UK data continued as the annual
inflation rate (measured by the Consumer Price index) fell to 2.4% for the
month of June compared to 2.8% in May. This caused sterling to drop against a
number of currencies and once again underlines the Bank of England’s decision
to add the extra £50 billion to their asset purchasing scheme.
Mr Bernanke claimed that central bank were ready to jump in
should additional monetary support be required, but due to his lack of detail
it boosted the dollars value making it more expensive to purchase.
With some analysts predicting we could be back down to $1.53 (mid
market) in the coming months it is vital you know what options are available so
that you can make the most from your currency transfer. To put the move into perspective, if exchange rates fell back to $1.53 a £200,000 trade would see you receive around
$6000.00 less than if you booked a rate of exchange now.. By clicking here and completing the contact form you can send me
a no obligation enquiry and protect yourself from any adverse market movements
