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Posted May 25th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 25th May 2010

USD/GBP – 1.428

Sterling gained over 1% against the euro yesterday and fell against the US dollar. The pound hit a high of 1.1646/ £1 and fell to a daily low of $1.4353/ £1 before pulling back ground towards $1.4430/ £1. The strength against the euro was fuelled by further concerns in the euro zone as the Spanish central bank took over a savings bank to avoid it collapsing. There was little reaction from the markets as the new chancellor George Osborne outlined plans to cut £6.25bn worth of public spending – the bulk of which will be used to trim the UK’s record 11% deficit. Aside from the chancellor’s announcement there was little other data out for the UK. The markets are waiting for tomorrow’s revised GDP data for the 1st Quarter. An upward revision of 0.1% to 0.3% is expected. Movement either side of this figure could see significant volatility. Get in touch now to avoid missing out.

In the USA, the US dollar performed well yet again against the euro and sterling. This was fuelled by both risk aversion over concerns in the Euro zone and strong data released during the day. Existing home sales data jumped more than expected, coming in at 5.77m against an expected 5.62m – up nearly 410,000 on the month. Out later today, there is consumer confidence data which has the potential to move the markets significantly. Get in touch now for a live exchange rate and to avoid missing out – especially ahead of the US GDP figures released later this week.

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