- In early trading yesterday, sterling fell against the greenback after Russia’s finance minister expressed confidence in the US currency. Speaking at the G8 meeting over the weekend, Alexei Kudrin said the dollar’s role as the world’s primary reserve currency is safe for now.
- However, the greenback’s gains were cap ped to some extent after a report by the CBI further improved confidence in the UK economy. It forecasted a return to growth at the start of 2010.
- Nevertheless a fall on UK equities kept up the downward pressure on sterling in late trading. The FTSE 100 eventually finished the day down 115.94 points (2.61%).
- In trading so far today, the pound has risen slightly against the dollar as investors consider recent data.
- In the UK, CPI data is out at 09.30 BST today, whilst in the US Building Permits data is due at 13.30 BST.
Tuesday, 16 June 2009
Sterling falls over a cent against US Dollar
Sterling weakened by 1.22 cents (0.74%) against the US dollar yesterday, finishing the day at $1.6319.
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