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Posted July 13th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 13th July 2010

USD/GBP – 1.499

Sterling fell against the US dollar on Monday after concerns resurfaced over the UK’s triple A credit rating. Standard & Poor’s said it was maintaining the negative outlook on Britain’s economy as the challenging spending cuts announced in the recent emergency budget have yet to be made and the economy may not grow as fast as the government has predicted. Despite the recent budget announcement, the government has yet to implement the required spending cuts and this is what concerns the credit rating agency. Elsewhere, GDP for the 1st Quarter remained unchanged at 0.3% and the current account deficit unexpectedly jumped by £5bn. The key data today is the UK inflation figures, which are likely to show a decline from last month’s annual rate of 3.4% – reflecting the spare capacity of the economy. Mervyn King has been saying for some time that inflation will fall off through the year – justifying his decision to keep interest rates and the asset purchase programme on hold. Call in now for a live exchange rate.

In the USA, the US dollar gave back some of the gains made against the pound. However, the US dollar is still holding firm below the $1.50/ £1 level – currently trading at $1.4990/ £1. Out later today there is trade balance data which is expected to show a narrowing in the trade deficit. Call in now to make sure you buy at the best price.

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