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Posted October 31st, 2011 by Charles Purdy

USD/GBP Rate & Comments for 1st November 2011

US$/GBP – 1.6017

Sterling hit the highest levels against the Japanese yen for 2 months after the Japanese authorities intervened to drive the yen lower. Against the US dollar, sterling came under pressure but held on to gains made on Friday and finished the day flat. The big move was against the euro, with sterling surging by close to 2%, hitting a high of €1.1594/£1 after yields (i.e. the borrowing costs paid) on Italian bonds surged – an indicator of investor fear over a potential Italian default as the country struggles to implement tough spending cuts. Out today there is house price data and the first estimate of 3rd quarter GDP for the UK so ensure you don’t lose out and call in to speak to one of the team.

In the USA, the US dollar jumped to a 3 month high against the Japanese yen following Japan’s intervention in the currency markets over the weekend. Analysts estimated that the Bank of Japan intervened with a record $65-75bn in order to protect domestic exporters from record highs on the currency. The focus for the USA this week continues to be the Federal Reserve’s meeting that starts today. The Fed could potentially implement further monetary easing in the coming months, which could see the US dollar fall.

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Posted October 28th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 28th October 2011

US$/GBP – 1.6054  Sterling hit a 7 week high against the US dollar but dropped by around 1.5% against the euro as European leaders struck a deal on the euro zone debt crisis. The agreement saw risk appetite improve significantly and investors look to invest in the euro again. Sterling’s underperformance against the euro has  Continue Reading…

Posted October 27th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 27th October 2011

US$/GBP – 1.5996   Sterling fell off earlier highs against the US dollar yesterday as it followed the euro downwards against the US currency as markets nervously awaited the results from yesterday’s EU summit. After a night of deadlocked talks the EU summit finally delivered what most had been expecting – a 50% write down  Continue Reading…

Posted October 26th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 26th October 2011

US$/GBP – 1.6019 Sterling slipped against the US dollar, falling off a 6 week high as perceived ‘riskier’ currencies came under pressure on growing concerns over today’s EU summit. However, sterling was slightly higher against the euro, hovering around €1.15/£1 as optimism over a fully comprehensive solution slipped. Markets have overall been very quiet as  Continue Reading…

Posted October 25th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 25th October 2011

US$/GBP – 1.5956 Sterling dropped against the US dollar yesterday, coming off a 6 week high of $1.6001/£1 as uncertainty over the European debt crisis put pressure on ‘riskier’ currencies. The poor appetite for risk and lack of any positive UK data meant that investors took profits from sterling’s earlier rally. With the UK exposed  Continue Reading…

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