USD/GBP Rate & Comments for 30th November 2010
US$/GBP – 1.5567
Sterling rose to a 2 month high against the euro yesterday as investors saw beyond the €85bn Irish rescue plan and sold the single currency on fears that other nations in the Euro zone would also need help. Sterling failed to capitalise on an upward revision to the UK’s growth forecasts by the Office of Budget Responsibility (“OBR”) which revised forecasts for 2010 from 1.2% to 1.8%, but cut the 2.3% forecast in 2011 to 2.1%. Sterling got stuck in the middle of the euro and US dollar, as investors moved from riskier assets into the safe haven US dollar. As a result, sterling slipped to a 2 month low against the US currency of $1.5529/£1. Other data released today showed that mortgage approvals in the UK fell to the lowest in 8 months and other figures showed a fall in house prices. This uncertainty is likely to cap any potential sterling gains against the euro, so call in now for a live exchange rate to avoid losing out.
In the USA, the concerns over the future stability of the Euro zone left the US dollar in high demand as a safe haven currency. It was a quiet day for data in the region. Out today, there is consumer confidence that is expected to show a slight improvement. In addition, Federal Reserve chairman Ben Bernanke addresses a business school in Columbus. Also due out this week from the Treasury is the Treasury Currency Report, although there is no set release date for this. Get in touch now for a live exchange rate.
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