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Posted January 31st, 2011 by Charles Purdy

USD/GBP Rate & Comments for 31st January 2011

US$/GBP – 1.5876

Sterling steadied against the euro at the end of a turbulent week for the UK economy and sterling’s prospects. Shocking GDP figures on Tuesday drastically altered market expectations for an interest rate hike by the Bank of England as the data showed that the economy contracted by 0.5% in the last 3 months of 2010. However, Wednesday’s Bank of England minutes showed that another member of the committee voted for a 0.25% interest rate hike which saw market anticipation for an interest rate hike creep back in. Prospects for a UK recovery were dented further on Friday when a survey showed that consumer confidence dropped to the lowest level in 22 months as the VAT rise and spending cuts loomed. This week sees important house price and manufacturing data so call in now for a live exchange rate. 

In the USA, the US dollar had a bumper day on Friday as GDP data showed that the economy gathered pace in the last quarter of 2010. In addition, the situation in Egypt saw safe haven buying of the US currency after oil prices jumped due to concerns over future supply in the event of unrest in the Middle East. This week sees a wide array of data including the important Non-Farm payroll figures, so call in now for a live exchange rate.

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Posted January 28th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 28th January 2011

US$/GBP – 1.5870 Sterling gained against the US dollar yesterday as the currency continued to gain support following Wednesday’s Bank of England minutes, hitting a daily high of $1.5991/£1 – just shy of the $1.60/£1 mark. Sterling’s support came from the fact that committee member Martin Weale joined Andrew Sentance in calling for a 0.25%  Continue Reading…

Posted January 27th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 27th January 2011

US$/GBP – 1.5882 Sterling staged a muted recovery yesterday following Tuesday’s shock GDP figures, finishing the day up 0.55% against the euro and 0.3% against the US dollar. Sterling saw the recovery after the Bank of England minutes showed that another member of the committee had unexpectedly joined Andrew Sentance in calling for a 0.25%  Continue Reading…

Posted January 26th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 26th January 2011

US$/GBP – 1.5784 Sterling plummeted yesterday – dropping by 1.3% against the US dollar and 1.1% against the euro – as 4th Quarter GDP showed that the UK economy contracted by 0.5% in the last 3 months of 2010. Markets were expecting December’s poor weather to have an impact with analysts expecting a 0.5% gain,  Continue Reading…

Posted January 25th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 25th January 2011

US$/GBP – 1.5955 Sterling fell against the US dollar and euro yesterday as investors took profits following last week’s highs. Last week was a bumper week for the pound as inflation figures heightened expectations of an earlier than expected interest rate hike by the Bank of England. However, negative comments from Adam Posen on Friday  Continue Reading…

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