GBP at nine-month high against USD

Dhaka, Bangladesh (BBN) – The US Dollar (USD) weakened throughout the week reaching 1.4379 against Euro (EUR) on Thursday.

Higher US home sales and lower than estimated decline of the economy increased investor appetite for higher yielding assets.

The British Pound (GBP) advanced to a nine-month high of 1.6979 against the greenback during the week. Rise in UK housing prices and money supply measures adopted by Bank of England vibrated economic recovery expectations, thus strengthening GBP. However on Thursday GBP dropped to 1.6843 against USD. Bank of England’s extension of bond buying program increased GBP liquidity, according to reports.  

The Canadian Dollar (CAD) appreciated initially to a ten month high of 1.0685 against USD on optimistic business profits. However concern of the Canadian Government on rapid currency appreciation and possibility of intervention by the Bank of Canada weakened CAD to 1.0726 against USD on Thursday.

BBN/SS/SI/AD-07August09-10:06 pm (BST) 

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