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Posted April 28th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 28th April 2010

USD/GBP – 1.518

Sterling fell marginally yesterday against the US dollar and euro as fresh opinion polls cast fresh doubts over a hung parliament. Some minor mortgage approval data and retail sales data came in worse than expected but the closer we get to the election, the more obsessed the markets are with each opinion poll. The pound has managed to stay above the 1.52/ £1 and 1.15/ £1. The biggest news yesterday was the downgrading of Greek government debt to ‘junk bond’ status by rating agency S&P who also cut Portugal’s rating by two tiers. This has sent jitters through the world’s stock markets and explains the pound’s drop against the US dollar, but overall sterling has held up well. Out today, there is no UK data, so call in for a live price as sentiment over opinion polls and Greece could drive the markets anywhere.

In the USA, the US dollar has strengthened in the wake of increased risk aversion. Following a fairly light day on the calendar yesterday, the main event of today is the US Federal reserve’s latest monetary policy meeting. Whilst the outlook for the US has improved, it has not recovered sufficiently to warrant an increase in interest rates from the 0%-0.25% range. The markets will be watching closely for any hints of when the rate rise will take place. With Greece, US interest rates and the UK election on the agenda, we could see serious volatility. Call in now for a quote.

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