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Posted November 16th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 16th November 2010

US$/GBP – 1.603

Sterling slipped against the US dollar yesterday but held near to a 7 week high against the euro as concern over the debt situation in Ireland hampered the single currency’s prospects. It was a quiet day for data in the UK with most traders looking ahead to Wednesday’s minutes of the Bank of England Monetary Policy Committee from two weeks ago. The movement downwards against the US dollar was as a result of selling by Russian speculators, but sterling was helped as a key Bank of England policymaker stated in a speech yesterday that there was no compelling case to alter monetary policy in the UK. Stubborn inflation and a degree of uncertainty about the economy meant that a ‘wait and see’ approach was best. Out today, we have key inflation figures which are expected to remain at 3.1% so call in now for a live exchange rate.

In the USA, with the focus shifting away from concerns over the US economy, the US dollar hit a 6 week high against a basket of major currencies yesterday as all eyes returned to the deepening debt crisis in the Euro zone. Yields on US Treasury bonds rose, which increased the demand for US dollar denominated assets. In addition, advanced retail sales data came in nearly twice as good as expected which helped take the edge off the Fed’s recent purchase of $600bn worth of Quantitative Easing. Out tomorrow there is Wholesale price inflation data, so call in now to ensure you don’t miss out.

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Posted November 15th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 15th November 2010

US$/GBP – 1.605 Sterling slipped against the euro on Friday as the single currency recovered ground as European leaders sought to reassure investors in ‘peripheral’ Euro zone debt that they would not face a debt writedown. There were also concerns over the UK’s involvement in Irish debt as it became clear that UK banks have  Continue Reading…

Posted November 12th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 12th November 2010

US$/GBP – 1.604 Sterling hit a 7 week high against the euro on Thursday as the single currency suffered on concerns over periphery debt in the region. This saw sterling extend the gains made after Wednesday’s Bank of England Inflation report to hit a high of 1.1822/£1. The report estimated that inflation will remain high  Continue Reading…

Posted November 11th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 11th November 2010

US$/GBP – 1.615 Sterling hit the highest level against the euro since late September as speculation over near term Quantitative Easing eased following the Bank of England’s inflation report. Sterling hit a high of 1.1723/£1 as the report showed that inflation would remain above target next year, as higher VAT and projected higher import costs  Continue Reading…

Posted November 10th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 10th November 2010

US$/GBP – 1.599 Sterling rose to a 6 week high against the euro yesterday after concerns over debt in the Euro zone caused investors to sell the single currency, but sterling’s gains were limited ahead of today’s Bank of England inflation report and BOE Governor Mervyn King’s post report press conference. Manufacturing production came in  Continue Reading…

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