Can Sterling remain above $1.50 boundary?
The Dollar failed to hold its strength though, as the Fed continued its quantative easing strategy by holding the Fed rate at 0.25%, highlighting that the economy is still under pressure. More bad news followed when GDP figures came in worse than expected and exports were down 30%, the lowest figure for 40 years.
Sterling responded by nearly reaching the $1.50 mark last week and finally achieving this desirable Sterling to Dollar rate only on Tuesday .
What can we expect in May?
More of the same. Dollar buyers should look at setting a limit order around $1.50 whilst Dollar sellers should look at $1.45. Today will see some short term movements against the Dollar, and the reaction to the unemployment figures being released Friday in the US may cause a movement away from these levels.
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Posted on 7 May 2009
