British Pound Sterling: Currency enjoys relative strength as equities dip
- Details
- Category: Exchange Rates
- Published on Wednesday, 24 August 2011 08:37
- Written by Will Peters
German data releases continue to hamper the euro on the foreign exchange rate markets.
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The pound dollar exchange rate is 0.145% lower with 1 GBP = 1.6477 USD.
The pound to Australian dollar exchange rate is 0.332% higher with 1 GBP = 1.5760 AUD.
Not a bad start for the British Pound this morning which has tended to make ground when equity markets take a dip; which has been the case thus far this morning.
"German economic sentiment data was awful, much worse than expected and the weakest we have seen since December 2008. The figure for the eurozone as a whole was just as bad; it is clear that the debt crisis has substantially impacted confidence in the region. Today’s German business climate data was also very poor," says a note from exchange rate analyst Richard Driver at Caxton Fx.
German investor sentiment
A collapse in German investor sentiment and weakening demand for new homes in the US sent out fresh warnings about the general health of the global economy.
The Markit monthly snapshot of economic confidence in Europe's biggest economy found that optimism was at its lowest ebb since December 2008 – the depths of the recession that followed the collapse of Lehman Brothers, writes the Guardian.
Latest market news
Looking at the markets, we see concerns have emerged over news that Lloyds Banking Group and HSBC Holdings plc are reportedly using toxic assets left over from the financial crisis to plug huge holes in their pension funds.
HSBC and Lloyds Banking Group have both injected assets they have found difficult to sell into their pension schemes, with the effect of reducing their pension deficits, while shifting problem assets off their balance sheets reports the Daily Mail.
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