Tuesday, January 31, 2012

US Dollar Slips Against the Pound

The British Pound is starting to look like a good alternative to both the US Dollar and the Euro.

The pound advanced to the strongest in two months versus the dollar after a report showed U.K. consumer confidence rose to the highest in seven months in January. Sterling weakened against the European common currency after Greek Prime Minister Lucas Papademos said progress had been made in bondholder debt-swap talks at the center of efforts to stem the euro-area financial crisis. Gilts fell as stocks gained, reducing demand for the relative safety of U.K. government bonds.

The pound rose 0.3 percent to $1.5757 at 9:31 a.m. London time, after touching $1.5775, the strongest level since Nov. 30. That extended its advance to 1.4 percent this month. It depreciated 0.1 percent to 83.75 pence per euro, headed for a monthly decline of 0.4 percent

Pound Advances Versus Dollar on Confidence Data, Greek Swap Deal - Businessweek

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Breaking US Dollar Collapse News

What's Behind the Decline of the US Dollar?

This is one the of the best and simplest explanations we have seen:
The U.S. dollar's downward slide is accelerating as low interest rates, inflation concerns and the massive federal budget deficit undermine the currency. - Wall Street Journal, April 23, 2011
Interestingly, the Federal Reserve is responsible for, or an active participant in all three of these factors.