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Posted November 29th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 29th November 2010

US$/GBP 1.5617

Sterling fell against the US dollar on Friday afternoon hitting a 2 month low as concerns over the UK’s exposure to Euro zone debt left investors fearful that the crisis could spread beyond Greece and Ireland. There was poor house price data on Friday that showed house prices fell by 0.8% in October – the biggest fall since February 2009. There is some positive news expected today with the Office of Budget Responsibility expected to revise the growth predictions for this year upwards and mortgage approvals expected to come in at around the average monthly level of 48,000. Call in now for a live exchange rate as there is significant volatility.

In the USA, the US dollar has been the benefactor of risk aversion in the last few days, with investors buying the US currency as it represents one of the safest ways to hold investments at times of uncertainty. Following the Irish rescue package, investors have felt increasingly uncertain and as such have looked to the safe haven asset. It is a quiet day for data, so call in now for a live exchange rate.

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