US ($) Currency Thread 2

PAUL7331

Crown Currency offering 1.70 dollars to the pound for delivery late October!

inspector_monkfish

15:24 03Aug09 STERLING EXTENDS GAINS, RISES MORE THAN 1 PERCENT VS DOLLAR ABOVE $1.69 <GBP=D4>

15:33 03Aug09 Sterling rises more than 1 pct on day vs dollar

LONDON, Aug 3 - Sterling extended gains on Monday, rising more than one percent on the day against the dollar above $1.69.

The pound rose to $1.6925 <GBP=D4>, up some two cents on the day, and the highest since mid-October last year. It was last up 1.1 percent at $1.6905.

PAUL7331

Ive placed an order for £500 worth of USA dollars at the 1.70 rate. Is it likely that this could rise again or should I bite the bullet and buy now?!?!??!!?

flicketyflick

go on...go on... 1.70 1.70 1.70.Nearly thereeeeee.

inspector_monkfish

PAUL7331 wrote: »

Ive placed an order for £500 worth of USA dollars at the 1.70 rate. Is it likely that this could rise again or should I bite the bullet and buy now?!?!??!!?

nah, its going to plummet any second...

inspector_monkfish

1.6936 trading

PAUL7331

inspector_monkfish wrote: »

nah, its going to plummet any second...

Are you kidding?

Do you think it will rise?

sabretoothtigger

ws wrote:

The dollar has reached 2009 lows on Manufacturing ISM which far exceeded expectations. The dollar has weakened substantially against the pound and euro. The sterling has officially reached a new nine-month intraday high, while the euro has rallied to a new eight-month high. The manufacturing report was clearly the one catalyst needed to buck the recent range-bound trend in currencies. Risk aversion is undoubtedly hitting new lows as it appears a new move may have formed which could only result in further dollar losses. With all the talk lately about the possibility that we may have already emerged from the recession, the ISM has made a critical addition to such evidence. The Dow responds by starting the day with a 100 point rally.

The Manufacturing ISM release was reported at 48.9, far above 46.5 consensus and 44.8 reported last month. However, even though these numbers look promising, it does not mask the fact that manufacturing is still shrinking, even though it is happening at a slower rate. We have been edging closer and closer to the critical 50 level but have yet to stage the surge needed to move into an expansionary environment. Manufacturing has been shrinking for the last 12 months consecutively. Nevertheless, the pace of contraction has been slowing consistently since January. Perhaps the most promising aspect that this report has to offer is the improvement in employment. The employment component rose by 4.9 points to 45.6, serving as a good indicator that Friday’s Non-Farm Payroll report may receive a boost. In fact, all underlying components, except for customers’ inventories, improved from the June release. Combined with manufacturing optimism coming from the Fed’s recent Beige book release, Manufacturing ISM does serve as one additional indicator that the recession is at least reaching its final days.

Looking forward this week has a lot of crucial economic releases, all of which pale in comparison to the Non-Farm Payrolls report scheduled for Friday. This makes any report released this week a possible sign as to the health of employment. Therefore, the Non-Manufacturing report for Wednesday will be of utmost importance. Combined with today’s employment component of Manufacturing ISM, these releases are one of the most important leading indicators of how the employment report may fare. Therefore, from here on, this week’s primary concern will be on employment.

News to come later in week, market is estimating so you can take your guess but usually its best to cash the majority of gains before the news

M4RKM

i got my prepaid card at $1.65 at the weekend... i knew i should have waited, but I did do the, get half now, half later scenario...

much better regardless than the $1.40 i was getting in March, so i can't complain that much.. can i?

M

Cade_Foster

PAUL7331 wrote: »

Are you kidding?

Do you think it will rise?

No one knows, if we did we would be all rich currency speculators.