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Posted April 28th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 28th April 2011

US$/GBP – 1.6702

Sterling surged overnight against the US dollar to hit $1.67/£1 as GDP figures for the 1st Quarter of 2011 revealed that the UK’s economy expanded by 0.5% – boosted by a surge in activity from the service industry – and markets reacted to Fed Chairman Ben Bernanke’s comments on US monetary policy. Sterling had fallen against both the euro and US dollar ahead of the results as many investors expected the figures to disappoint. Key sectors of the economy, such as manufacturing and services grew at a healthy pace, recording progress of 1.1 and 0.9 percent respectively. Business services and finance expanded by 1.0 percent, the best reading since 2007. Most BoE policymakers want to see a sustainable recovery before tightening monetary policy, meaning interest rates are likely to stay at record lows at least until July despite inflation running at twice the bank’s 2 percent target. Call in now for a live exchange rate.

The US dollar plummeted against the euro and after the Federal Reserve’s meeting yesterday evening in which it signalled that it would hold interest rates steady to support the U.S economy after its bond-buying program expires in June. The signals to keep monetary policy loose saw investors dump the US dollar and flock to gold, which hit a fresh record high. The Fed will now probably wait until 2012 to announce sales of mortgage or Treasury securities that it bought to provide stimulus to the economy. Out later today there is GDP data and unemployment figures – GDP is expected to show a drop on last month so there could be some significant volatility.

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Posted April 27th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 27th April 2011

US$/GBP – 1.6448 Sterling fell against the euro yesterday, hit by broad euro strength and investor concern ahead of today’s GDP figures that are released at 9:30am. Last quarter’s GDP was a disappointment, and many analysts are not expecting GDP for the first quarter of 2011 to beat expectations. A weaker than expected growth figure  Continue Reading…

Posted April 26th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 26th April 2011

US$/GBP – 1.6516 In the USA, the US dollar plummeted against sterling on Friday and is itself set for a potentially busy week. Wednesday sees the Federal Reserve’s interest rate decision and post-decision press conference. The Fed is widely expected to announce the scheduled conclusion of “QE2” (the $600bn second round of Quantitative Easing that  Continue Reading…

Posted April 21st, 2011 by Charles Purdy

USD/GBP Rate & Comments for 21st April 2011

US$/GBP – 1.6479 The US dollar fell against sterling and the euro, despite the fact that US stocks jumped on Wednesday as optimism about the economic recovery rose on a wave of strong earnings and profit outlooks. With the Bank of Japan and U.S. Federal Reserve expected to keep their monetary policy ultra-loose for the  Continue Reading…

Posted April 20th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 20th April 2011

US$/GBP – 1.6355 Sterling slipped marginally against the euro yesterday as traders adjusted positions ahead of the Easter break and the euro recovered from a 1% loss against sterling on Monday. The pound was up 0.3% against the US dollar as bets on an interest rate hike by the Bank of England were up ahead  Continue Reading…

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