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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 has been in place) in June. Any divergence from this – i.e. an extension of the programme or even fresh Quantitative Easing could see US dollar weakness.

Sterling
finished last week strongly, hitting a 16 month high against the US dollar after UK retail sales gained more than had been expected. The figures were expected to show a 0.5% drop on the month, but came in showing a 0.2% increase which helped support the pound. Growth concerns still remain though, and Martin Weale (a member of the Bank of England that has been voting for a rate increase since January) said that the 1st Quarter had been “disappointing”. It is a quiet week in the UK with a 2nd long weekend only days away, but there is some key data released that could see some serious movement. Today we have CBI industrial trends which are expected to show that the economy is rebalancing towards manufacturing and exports and then GDP data tomorrow. Call in now for a live exchange rate to ensure that you don’t lose out. 

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