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Posted February 28th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 28th February 2011

US$/GBP – 1.6200

Sterling fell on Friday as data showed that the UK economy contracted by more than had initially been anticipated for the 4th Quarter of 2010. The 2nd estimate showed a contraction of 0.6% against the previous estimate of 0.5%. As a result, sterling slumped to a 3 week low against the euro and dropped against the US dollar. The correction left many analysts questioning whether interest rates would now be increased, but there is still an expectation that rates will be hiked by 0.25% before June. This should see sterling remain above or around $1.60 against the US dollar, but further negative data will have an impact and knock sterling. It is a quiet day for data today, but later in the week we have house price data and a wide array of PMI purchasing manager data which will give an idea of activity in the services, manufacturing and construction sectors so call in now for a live exchange rate.

In the USA, tensions caused by uprisings and protests in the Middle East and North Africa have had a large effect on the price of oil and the US dollar did not follow ‘normal’ risk averse buying patterns. With concerns over the impact on US foreign policy of widespread upheaval in the Middle East, the Swiss franc was the major benefactor of last week’s tensions. In the USA, the big event of the week is Friday’s non-farm payroll figures so call in now for a live exchange rate. 

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In the USA, tensions caused by uprisings and protests in the Middle East and North Africa have had a large effect on the price of oil and the US dollar did not follow ‘normal’ risk averse buying patterns. With concerns over the impact on US foreign policy of widespread upheaval in the Middle East, the Swiss franc was the major benefactor of last week’s tensions. In the USA, the big event of the week is Friday’s non-farm payroll figures so call in now for a live exchange rate. 

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Posted February 25th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 25th February 2011

US$/GBP – 1.6111 Sterling fell across the board on Thursday as a spike in oil prices saw investors look to safer haven currencies on concerns over the global recovery. As a result, sterling slipped to a 3 week low against the euro and dropped off Wednesday’s 3 week high against the US dollar. The pound  Continue Reading…

Posted February 24th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 24th February 2011

US$/GBP – 1.6144 Sterling gained against the euro and US dollar yesterday as another member of the Bank of England’s monetary policy committee voted for an interest rate hike. Sterling hit a high of $1.6272/£1 – the highest since Feb 3rd – after Bank of England Chief Economist Spencer Dale joined Martin Weale and Andrew  Continue Reading…

Posted February 23rd, 2011 by Charles Purdy

USD/GBP Rate & Comments for 23rd February 2011

US$/GBP – 1.6194 Sterling slipped against the ‘safer haven’ currencies yesterday as escalating tension in the Middle East and North Africa saw investors scale back holdings in riskier currencies. This saw sterling slip against the US dollar, Swiss franc and Japanese yen. The only real domestic news that caused any movement was speculation over the  Continue Reading…

Posted February 22nd, 2011 by Charles Purdy

USD/GBP Rate & Comments for 22nd February 2011

US$/GBP – 1.6136 Sterling hit a high of $1.6260/£1 yesterday, but struggled to push much higher as investors took profit from sterling’s recent run against the US dollar. Positive comments from a key Bank of England policymaker helped support sterling, as Martin Weale (who voted for an interest rate hike last month) stated that a  Continue Reading…

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