No relief for Sterling |
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| Finance | |
| Written by Gary Howes | |
| Thursday, 27 August 2009 | |
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Sterling continues its decline today - down against both the Euro and the dollar. The sterling continues its decline against the dollar and the euro this morning. The Ifo business climate index rose to 90.5, beating analysts expectations, from an upwardly revised 87.4 in July. The dollar rose on Wednesday as the US durable goods report was not as upbeat as it could have been, pushing investors to the safety of the currency. New orders for durable goods jumped 4.9% in July, the most in two years, as aircraft orders surged. A 2.2% slide in June was revised up to just 1.3%. But a key measure of business demand - non-defense capital goods, excluding aircraft - fell in July, which raised worries about the economy again. The dollar narrowed its gains after news that new home sales leapt 9.6% last month. Despite sales remaining below the same time last year, the annualised rate of 433,000 beat the 395,000 seen in June and was the highest reported since September 2008.
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