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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% rate hike – a move that was seen as increasing the likelihood of an interest rate rise later this year, despite Tuesday’s poor GDP figures. Mervyn King made it clear in a speech on Tuesday night that any rate decision would have the long term prospects of the economy at heart. King’s speech (not the Colin Firth one) reaffirmed his belief that inflation would rise before dropping next year. Call in now to take advantage of the higher US dollar rates.

In the USA, the US dollar fell yesterday as the impact of President Obama’s State of the Union address sank in. The President announced the first moves to start cutting spending and the deficit. On the data front, numbers for first time claimants of unemployment benefits gained that did not help. Released today is the 4th Quarter GDP figures which could be very interesting – call in now for a quote.

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