Pound to Euro | Pound Euro Exchange Rate News and Insights
US dollar exchange rates on the rise as markets show apprehension ahead of today's US FOMC statement
- Details
- Category: Pound to Euro
- Published on Wednesday, 25 January 2012 12:50
- Written by Rob Samson
Markets are suppressed today reflecting an atmosphere of uncertainty.
The pound to US dollar exchange rate is 0.37% lower at 1.556.
The euro to US dollar exchange rate is 0.7% lower at 1.2941.
The US dollar is stronger today as global markets turn negative ahead of today’s US FOMC statement. The uncertainty surrounding the outcome of the statement, combined with uncertainty over the Eurozone has investors nervous.
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The safe-haven US dollar thus continues to benefit.
The British pound has reversed gains against the US Dollar accumulated in the past 48 hours as better than expected data helped the Pound recover from recent lows.
Yesterday, the British pound received a boost after data came in showing that public sector net borrowing was better than expected, with an actual figure coming in 1.6 Billion under the forecast figure.
On the negative side of the release, total outstanding debt rose above the 1 trillion pound mark for the first time on record.
This was followed by a speech given by Mervyn King with no surprises that the recession recovery continues to be a long and hard road, with the door remaining open to QE.
The US data was lacking yesterday, but this will more than be made up for today as all eyes turn to the FOMC statement this afternoon.
The FOMC are likely to maintain their pledge to keep benchmark interest rate near zero at it's meeting today giving projections on each participant’s projection on the Federal fund rate.
As markets anticipate this to show they will remain low for the foreseeable future, this has seen a lack of demand in the USD. Looking ahead of today’s session, it is also worth mentioning UKs Meeting minutes and prelim GDP releases as they will likely have a play on movement today also. GBP/USD opens at 1.5544.
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