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A massive week for currencies
Friday, 20 March 2009 04:51
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Sterling holds out for now but caution is warned due to continued volatility.

Sterling holds out for now but caution is warned due to continued volatility.

This week saw Sterling experience a light reprieve on Thursday, ending the day making gains of 1.8 percent and 0.5 percent on the US Dollar and Euro respectively – but resurgence is likely to be short-lived according to currency specialist, FC Exchange, as more shock data can force currencies to turn the tables in an instant.

In a step similar to that of the UK, the US announced quantitative easing measures which have rocked the US Dollar, resulting in the Dollar suffered its biggest one day loss since 1995. 

The Euro also fell off amid rumours that the ECB may adopt similar QE measures

Nick Fullerton, MD of FC Exchange, comments: “This has been a massive week for all major currencies, particularly the US Dollar, Sterling and the Euro.  We’ve seen Sterling bomb after quantitative easing measures were announced, and now the US has followed suit and as a result, the currency has suffered horrifically.

“For anyone selling US Dollars, for every $100,000 being exchanged, it will cost $5000 more to buy Sterling, and $4000 more expensive to buy Euros today than it was on Monday.  It just highlights exactly how volatile currency pairings are, and those looking to purchase currency should act now and not assume it will improve as it may well swing the opposite way.”

The markets closed last night at $1.4506 and €1.0615 and are currently at $1.4460 and €1.0640 today.

 

Tags:     currency      s terling      FC exchange      fullerton      US dollar      sterling dollar
 

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