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Posted December 23rd, 2010 by Charles Purdy

USD/GBP Rate & Comments for 23rd December 2010

US$/GBP – 1.5411

In our last Daily Currency Note before Christmas, sterling fell to a 3 month low against the US dollar after a downward revision to the UK’s growth figures for the 3rd Quarter reminded investors how fragile the road ahead is for the UK economy. Figures showed that against an initial estimate of 0.8%, GDP for June to September grew by 0.7% and in thin trading conditions ahead of Christmas, losses on sterling were exacerbated. However, the Bank of England’s minutes showed that policy makers were growing more and more concerned about inflation and as such the possibility of tighter monetary policy in 2011 kept the pound supported. Today is the last day of data, with some mortgage approval figures for the UK – whilst it is Christmas, there is still significant movement possible so call in now for a live exchange rate. We are open for trading until 2pm on Christmas Eve…

In the USA, global stock markets gained yesterday following increased optimism over global economic growth, whilst the euro hit an all time low against the Swiss franc. The US dollar gained after GDP amendments showed that US GDP for the 3rd Quarter came in a touch better than had been initially estimated. With the Christmas trading very thin, the US dollar moves were exaggerated. Call in now if you need to buy currency in the next few days as there is scope for significant movement as a result of lower trading volumes.

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