US ($) Currency Thread 2

inspector_monkfish

16:05 31Jul09 STERLING HITS 1-MONTH HIGH VS BROADLY WEAKER DOLLAR OF $1.6593 <GBP=D4>
16:13 31Jul09 Sterling hits 1-month high vs broadly weaker dollar

LONDON, July 31 - Sterling hit a one-month high against a broadly weaker dollar on Friday as above-forecast U.S. data encouraged investors to buy higher risk currencies.

A U.S. survey showed business activity in Chicago at its highest since last September, while earlier data showed the U.S. economy fell 1.0 percent in the second quarter, less than the 1.5 percent forecast.

Sterling rose to a high of $1.6596 <GBP=D4>, its strongest since June 30 and a rise of more than half a percent on the day.

neilbond007

1.6719 a new high

well everyone have a great weekend. I'll be here keeping the rate pushing higher

inspector_monkfish

1.6705 trading

inspector_monkfish

17:02 31Jul09 GBP/USD: Cable the Beneficiary of the Dollar"s Sell-Off

Boston, July 31st.

The dust has settled following the GDP report this morning and in the end traders have decided to sell-off the USD. There were some early cracks, but the greenback has finally started taking a good pummeling all around now. This isn"t your normal risk-related trade, though. Treasuries have been bought aggressively during this USD drop and stocks haven"t moved from their intraday range at all.

The way gold and oil have rallied back strongly from an early slip points
strongly to this being very much a USD sell-off. The potential for additional spending where the Cash for Clunkers program is concerned is weighing here.

Cable is taking good advantage of that, getting through and clear of the recent range highs. And it"s used a turn down in EUR/GBP to help accelerate the gains. That"s another indication this is about the USD, not about risk tolerance as otherwise we"d expect the cross to perform well. That being the case, we suspect that with London now heading into the weekend the base USD selling will probably back off. We"ll have to keep an eye on what stocks and bonds do, though.

If equities begin to rally we"ll probably see more USD selling, but of a
different type and with less vigor. A drop in stocks from here, though, would probably see cable retrace back a bit.

inspector_monkfish

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Good Luck
IM

PS. I am off on my hols from wednesday 5th august, so you might want to enter your team before then, so that i can 'approve' your team. As chairman of the league, i have to do this.

DickyP_2

At that rate all I can say is monster monster

http://www.youtube.com/watch?v=HAMgrvi-nwU

jackieblack

neilbond007 wrote: »

Morning all!!

I see we're spurting. Ready for the weekend!

Off to LA next week. I'll be lurking. Just 3 hours later

Have a good weekend y'all!

Hope you enjoy LA, have you been before?
It's not everyone's cup of tea!

neilbond007

jackieblack wrote: »

Hope you enjoy LA, have you been before?
It's not everyone's cup of tea!

I've been about 10 times.
Personally I hate the place. Massive and the traffic is horrendous!

But I'm not going to the touristy part. East LA. Gang colours will be well hidden!

jackieblack

neilbond007 wrote: »

I've been about 10 times.
Personally I hate the place. Massive and the traffic is horrendous!

But I'm not going to the touristy part. East LA. Gang colours will be well hidden!

:rotfl::rotfl:
We hated it too!

dmg24

neilbond007 wrote: »

Morning all!!

I see we're spurting. Ready for the weekend!

Off to LA next week. I'll be lurking. Just 3 hours later

Have a good weekend y'all!

I'm there now! Having three nights here after four in San Francisco. Wasn't particularly impressed with SF, but love LA (second time). Am staying at the Hyatt Regency Century City (again), love the area - everything I need within walking distance ... and no tourists!