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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 for holders of Greek bonds and a boost to the European Financial Stability Fund bringing it up to €1 trillion. Sterling is trading in a similar range as previous days this morning, but down against the euro as investors cautiously bought back into the euro on the news. There is limited data out today in the UK, so expect sterling to trade on market reaction to the summit.

In the USA, the US dollar weakened against most of its major counterparts as investors felt happier taking risks. It was noticeable in the fact that the move was a gradual one – i.e. no-one is too sure what to make of the EU summit announcement, other than in principle it is a good thing. Cautious appetite for risk is likely to be the trading pattern today, so if you are buying US dollars, it may be a good time to do so. In addition, there was speculation yesterday that the Federal Reserve would announce another round of Quantitative Easing. Call in now for a live exchange rate – we could be in for further volatility today.

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