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Posted April 27th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 27th April 2010

USD/GBP – 1.538

Sterling matched the highest level of the year against the euro yesterday as Greek debt uncertainty caused the euro to suffer. The pound hit 1.1620/ £1 in early trading yesterday (matching a 5 month high last seen in January) as the latest opinion polls showed the Conservatives winning a majority at the election in 10 days time and avoiding the dreaded hung parliament that has caused so much downward movement of sterling since the beginning of 2010. There was no data out yesterday aside from some house price data, so sterling benefited from better sentiment towards the UK. Out today, there is data on consumer spending which has the potential to cause volatility. Call in now to avoid the market moving against you as this is relative to the first 5 months of the year a great time to buy euros.

In the USA, there was no data out yesterday and the pound reached a high of $1.5496/ £1 as sentiment towards the UK improved following the poll results and poor market reaction to European news. The sterling/ US dollar price is currently a clear indicator of market feeling towards the UK. Upwards of $1.54/ £1 and feeling is good, down towards $1.50/ £1 and sentiment is poor. The volatility has been high over the last few weeks. Any news that could be perceived as negative can cause the price to drop rapidly. Call in now to take advantage of prices whilst they are good.

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