April currency update

Dear US Advisors readers,

 

I am pleased to bring you the current market news for April. If you need to exchange and transfer funds, please contact us today - we can help! You will have more US Dollars to spend on their property purchase, immigration or property maintenance. 

It pays to use the experts.            

GBP/USD

The Pound benefitted from strong data released last week, including better growth estimates, rising house prices, and strong manufacturing statistics. Recent Sterling volatility concerning a possible hung UK Parliament was somewhat alleviated with the announcement of Britain's general election, to be held on the 6th of May.

 

Uncertainty over these elections will still likely bring volatility as government agencies lean toward either the Tory or the Labor Party views for addressing Britain's budget crisis. The result of this debate, basically whether to continue or to halt government spending post-election, will determine the success of the economic recovery. Although Sterling has indeed broken the trading range seen over recent weeks, looming fears leading up to the election should keep pressure on the currency.

 

Yesterday's better-than-expected trade balance figures out of the UK, a £6.3 billion February deficit against the forecasted £7.3 billion deficit, was a vast improvement to the £8 billion deficit reported the previous month. With the lowest UK deficit reported since August, Sterling moved above the 1.54 GBP/USD technical barrier. 

 

With the most US jobs created in three years in the month of March, it is natural that consumers are becoming more comfortable spending. Yesterday's announcement of a widened trade deficit in the United States revealed economic growth, with a push from Americans purchasing more foreign-made goods, the highest demand since 2008. Watch for US unemployment & housing data being released this week
  

Recent Trading Range: 1.4802 - 1.5484

EUR/USD

Although recent instability for the Euro brought the exchange rate from last week's high of 1.36 down below 1.3380, approaching the year-to-date low of 1.3267, a late-week comeback was seen. With retail sales in the Euro Zone flat, a Q4 GDP downward-revised to flat, and flat German industrial production figures, news out of Greece continues to dominate the EURUSD trading relationship. If this week's sale of Greece's short-term treasury bills proves successful, some Euro pressures may subside. Otherwise, the strain is likely to continue.
 

Recent Trading Range: 1.3267 - 1.3815

 

CAD/USD

Canadian Dollar gains brought the US Dollar & Canadian Dollar to parity last week. Canada's strong economy, increasing oil prices and the notion of an interest rate hike (forecasted to be as soon as June, sooner than US interest rates will likely increase) all contributed.  Yesterday's announcement of a fifth straight trade surplus, the longest rally since 2008, confirmed signs of recovery in this net export economy.
  

Recent Trading Range: 1.0019 - 0.9692

To view currency exchange fluctuation charts, please click on the logo below:

 

 

Sincerely,

 

Stella Giudicelli

Business Development Manager

Moneycorp, Inc.

Office: +1 407 352 5890

Cell: +1 863 255 9081

Email:

Stella.Giudicelli@moneycorp.com

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The FSA has just issued a warning to people who are transferring funds overseas - they should only use companies regulated or authorized by the FSA. Read more

 

 

TTT Moneycorp Ltd is regulated and authorized, which means capital information was submitted to prove solvency and safeguard client funds related to electronic payments. Please make sure you or your clients ask the company they are using for overseas payments if they are regulated and authorized.

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