Currency Market updates GBP EUR USD

Currency Market updates GBP EUR USD

Trading for Sterling has seen a mixed bag this week, starting off with gains leading us to the highest levels we have seen this year against a basket of major currencies, heading over the dizzy heights of 1.60 against the Dollar and 1.15 against the Euro.

A year or so ago these sort of levels would have been laughed at but in the current climate people are jumping at the chance to secure them - proof once again just how nasty the currency markets can be.Early morning trading has seen Sterling start to lose ground again following the news of possible job losses within the motor industry due to the ongoing General Motors situation.

Once again I personally believe Sterling as a whole is undervalued it is merely a case of just how long it takes before we start to see a recovery.The past few weeks have seen a minor recovery and possibly the start of the U.K economy starting to turn around but there is still an awful long way to go before confidence is restored and investors put their full trust back into the pound again.

Tommorow sees the release of GDP data for the U.S and will inform us how the economy over there has faired in the past quarter. A common saying on the currency markets is when the U.S sneezes the U.K catches a cold so it may give some indication as to what we can expect in the coming weeks and months.

Feel free to contact me (Daniel Wright) on 0800 328 5884 or email djw@currencies.co.uk should you have any questions, queries or comments regarding this report and I will be more than happy to assist.