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Posted November 25th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 25th November 2010

US$/GBP 1.5762

Sterling hit a high of €1.1862/£1 against the euro as the situation in Ireland continued to see investors selling the single currency ahead of a finalised bailout plan that is expected later this week. Data in the UK helped lift sterling with GDP data for the 3rd Quarter unchanged from the first estimate a few weeks ago. The UK grew by 0.8% in the 3 months to October and 2.8% year on year, boosted by net trade that the relatively weak currency had attracted. With investors looking for a credible alternative to the single currency, many expect sterling to continue to gain against the euro in the coming months, but some were concerned over the level of exposure that the UK had to Ireland which could hold sterling back. In terms of data, today we have the Inflation Report hearing, in which members of the Bank of England Monetary Policy Committee testify to the Treasury Committee. It can cause volatility, so call in now for a live exchange rate.
 
In the USA, fears over heightened tensions between North and South Korea saw investors seek the safer haven US dollar, as news broke that a US aircraft carrier was on the way to provide a deterrent. However, in terms of economic data, US unemployment claims came in better than expected – falling from 441,000 last week and coming in better than expected at 434,000. New home sales came in slightly worse than expected, but after a shaky start related to Korea, the US dollar benefited from the positive jobs data. It is Thanksgiving today, so the markets are shut in the USA – this can see volatility though, so get in touch.


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