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Posted July 30th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 30th July 2010

USD/GBP – 1.562

Sterling hit a further 5 month high of $1.5660/£1 yesterday on speculation over month end ‘rebalancing’ after strong performances on the US stock market. Strong earnings from many US firms over the last week has left many analysts expecting investors to sell their US dollar share holdings, putting pressure on the US dollar. Sterling also broke through a key technical barrier on the graph this week, breaking through the 200 day ‘moving average’, which is a strong positive signal for sterling. In terms of data, house prices and lending data in the UK disappointed, which serves as a reminder that the UK is not quite out of the woods yet. There is little or no data out today for the UK – call in now for a live exchange rate.

In the USA, unemployment claims came in as expected with 457,000 people claiming unemployment benefits last month. With weak US data and relatively strong UK data, some analysts have been predicting prices above $1.57/£1 as the next realistic level. However, this is not expected to last long, as the effects of the long awaited ‘fiscal squeeze’ have yet to be seen and this is likely to impact on the price of the pound moving forward. Out later today, US GDP is the key piece of data and it is expected to show that the pace of the US recovery is slowing. Call in now for a live price to ensure you don’t miss out.

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