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Posted August 31st, 2010 by Charles Purdy

USD/GBP Rate & Comments for 31st August 2010

USD/GBP – 1.542

Sterling’s movement last week was dictated by risk sentiment as sterling suffered on increased risk aversion at the start of the week but benefitted towards the end of the week due to gains in global stock markets. UK quarterly growth was revised upwards which is encouraging due to the fiscal consolidation which will take place. However a closer look at the figures revealed this revision was largely down to an 8.5% increase in construction output which will be very difficult to sustain for the remainder of 2010. This has seen many analysts argue that growth is very likely to slow later in the year. This week is a fairy quiet week for data in the UK. Call in now to speak to a trader about your risk management strategies.

The euro has been little changed overnight against sterling and the US dollar. German unemployment figures will headline the European economic calendar today, with expectations calling for jobless claims to fall 20,000. The unemployment rate is expected to remain unchanged at 7.6%. This is a further sign that the euro is being supported by the good performance of Germany whose export economy is benefitting from the Euros weakness against the US$. Call in now for a live exchange rate.

The US dollar continues to move with risk appetite after a series of negative data since the beginning of June. Today is a busy day in the US for economic releases with consumer confidence and the Federal Open Market Committee minutes for August released later tonight. Call in now to ensure you do not miss out on any favourable movements.

Elsewhere, the Bank of Japan has tried to address the recent appreciation of the Japanese Yen by expanding its special loan programme. In Australia retail sales and building approvals both showed better than expected figures overnight.

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