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Posted November 18th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 18th November 2010

US$/GBP – 1.593

Sterling edged up yesterday after an unexpected drop in the number of people claiming unemployment benefits and minutes from the Bank of England’s Monetary Policy Committee November meeting showed that the bank is still some way off implementing further Quantitative Easing. The figures showed that the number of people claiming unemployment benefit fell by 3,700 in October against an expectation of an increase of 5,000. The Bank of England minutes showed that the vote remained the same as last month with a 3 way split between those keen to keep policy on hold and then Andrew Sentance voting for a 0.25% increase in the interest rate and Adam Posen voting for further Quantitative Easing. Out today there is retail sales data so call in now for a live exchange rate.

In the USA, the US dollar fell against the euro and Japanese yen as stock markets fell with the lack of resolution to the Irish debt situation. Demand for US government bonds rose as data showed the lowest annual inflation level on record and housing figures disappointed. In addition, US stock markets fell due to concerns over China, as Chinese Premier Wen Jiabao said his government were taking steps to tame price rises, suggesting that this might apply to inflows of currency into the country also. Speak to one of the team to avoid missing out.

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