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Posted November 17th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 17th November 2010

US$/GBP – 1.586

Sterling fell sharply yesterday after Bank of England governor Mervyn King signalled that the Bank of England could launch a further programme of Quantitative Easing if needed. Earlier in the day, data showed that UK inflation came in higher than expected at 3.2%, which gave sterling a boost. However, governor King’s comments wiped out these earlier gains with sterling falling to a low of $1.5843/£1 from a high of $1.6080/£1. Against the euro, sterling slipped from a high of 1.1824/£1 to a low of 1.1733/£1. A number of automatic trades triggered against the US dollar, which exacerbated the volatility and saw sterling down 1.1% on the day. Out today, we have the minutes from the Bank of England’s Monetary Policy Meeting two weeks ago, which could see sterling drop even further if any other members join Adam Posen in voting for more Quantitative Easing so call in now for a live exchange rate and protect yourself from losing out.

In the USA, the US dollar hit a 7 week high against the euro as concerns over a deepening debt crisis in the Euro zone saw the single currency drop to below $1.35/1. The US dollar also strengthened against other major currencies as a result of risk aversion. In terms of data, factory gate inflation did not increase as much as had been expected – disappointing the markets with a 0.4% against an expectation of 0.7%. Data out tomorrow includes consumer inflation which is expected to come in at 0.3% on the month. Call in now for a live exchange rate.

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