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Posted November 22nd, 2010 by Charles Purdy

USD/GBP Rate & Comments for 22nd November 2010

US$/GBP – 1.6044

Sterling
fell against the euro on Friday, as anticipation over a potential Irish bailout helped the single currency. Sterling also slipped against the US dollar after China increased the capital reserve requirements for Banks. This saw concerns over potential tightening of policy in the country that could impact the wider global economy. Worryingly for the pound, it closed the week below $1.60/£1 which could mark a move back towards the mid $1.50s. This comes despite last week’s minutes from the Bank of England Monetary Policy Meeting that saw the possibility of further Quantitative Easing pushed back as inflation is expected to remain high. With a quiet day for data today, expect movement related to the Irish bailout so call in now to speak to one of the team and protect yourself.

In the USA, last week saw Federal Reserve Chairman Ben Bernanke hit back at critics of the Fed’s latest round of Quantitative Easing, stating that the best thing for the global recovery was policy that stimulated the US economy and brought it back to full throttle. He denied that the latest round of bond purchases was a deliberate attempt to weaken the US dollar and encourage exports. Call in now for a live exchange rate to avoid losing out.

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