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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 to the euro region, investors were increasingly negative over the pound’s prospects in the event that Wednesday’s announcement over the European debt crisis fails to deliver an effective solution. Out today we have UK current account data so call in now for a live exchange rate to ensure that you don’t lose out.

In the USA, the US dollar was driven by risk appetite yesterday with US stocks performing well after positive earnings figures and a number of potential merger deals. The US dollar regained some of the ground lost earlier to the euro as doubts emerged surrounding the debt crisis package, however there was also some profit taking. Better than expected Chinese data helped ease concerns that the country’s economy was faltering and with many investors pinning their hopes on China to drive the global recovery this certainly helped.

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