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Posted June 28th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 28th June 2011

US$/GBP – 1.5985
Sterling fell to a 5 month low against the US dollar yesterday as concerns over the European debt crisis saw a spike in risk aversion and investors bought safe haven currencies. Sterling dropped as low as $1.5940/£1 as investors looked to park funds away from any perceived European exposure. Sterling also fell as a report showed that house prices fell for the second month in June, adding to concerns that the UK economic recovery stalled in the second quarter. Out today we have current account figures that will give an idea of the level of exporting/ importing the UK is currently undertaking and we also have the final figure for 1st quarter GDP, which could see some movement if it is amended from 0.5% so call in now to ensure you don’t lose out.

In the USA, stocks gained as regulators announced new rules to protect the global financial system. These included a requirement for banks deemed “too big to fail” to hold additional capital on reserve as part of efforts to avert another global financial crisis. Elsewhere, US consumer spending stalled last month posting the worst figure in a year. Out today there is consumer confidence data for the US, so call in now for a live exchange rate.

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