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Posted June 18th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 18th June 2010

USD/GBP – 1.485

Sterling pushed near 1 month highs against the US dollar yesterday as UK retail sales data came in much better than expected and risk appetite increased after a Spanish bond auction was well received. The pound rose to a high of $1.4838/£1 as retail sales jumped 0.6% in May following increased demand for electrical goods in preparation for the World Cup. Sterling was initially under pressure this morning, as the markets digested the chancellor’s speech last night that all but disbanded the FSA in its current form. Mervyn King also caused sentiment towards the pound to dip as he made clear that monetary policy would have to take into account the upcoming ‘fiscal squeeze’ that would follow the budget next week. Out today, there is very little in the way of data. Ensure you call in for a live exchange rate to make sure you don’t miss out on the best rate.

In the USA, monthly inflation data came in as expected but unemployment claims increased by 12,000. This saw some US dollar strength initially, but as investors took in data elsewhere, risk appetite returned and the US dollar weakened as funds flowed into riskier assets. There is very little data out today. Call in now for a live exchange rate to ensure you don’t lose money due to adverse exchange rate movements.

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