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Posted November 19th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 19th November 2010

US$/GBP – 1.593

Sterling gained against the US dollar yesterday as positive retail sales figures and factory orders helped lift the pound back over $1.60/£1 but it struggled to hold above that level. Retail sales rose by 0.5% in October, recovering from the -0.2% fall the previous month. Data also showed that factory orders fell at a slower pace than expected. One piece of bad news out was government borrowing, which hit a record high for the month of £9.8bn. Sterling was supported against the euro after Wednesday’s Bank of England minutes showed that further UK Quantitative Easing is off the agenda for another few months at least. It is a quiet day on the data front today, so ensure you call in to stop any adverse pieces of news impacting your payments next week.

In the USA, unemployment claims came in as expected at 439,000 and manufacturing figures came in much better than expected. Yesterday’s figures from the USA point to an improving picture of the economy, which could see investors and traders pull out of ‘short positions’ i.e. bets against the US dollar that expect it to fall. However, Wednesday saw the lowest annual inflation figure since records began in 1957 – data which clearly supports the Federal Reserve’s recent decision to pump an additional $600bn into the economy. With such mixed messages, it is important to speak to atrader to help you buy at the right time.

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