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Posted November 16th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 16th November 2011

US$/GBP – 1.5786

UK inflation data for October fell by 0.2% from the previous month. Trouble is at 5% it is still way above the Bank of England’s target rate of 2%. Expectation is that it will fall in the new year as last January’s VAT increases flow through. Problems in the euro bond market continue to trouble sterling against currencies other than the euro as a significant proportion of the UK’s trade is with the euro zone. Today we have the unemployment figures which are unlikely to make happy reading. Unemployment for the under 25’s is of great concern as jobs have dried up for this age group. Exchange rates continue to be volatile so call in for a rate now.

The US$ is the “go to” currency in these uncertain times as risk aversion heightens and its safe haven status is much sought after. Sterling has lost a couple of cents against the US$ since the start of the week and it is difficult to see this momentum changing in the near term even though economic conditions in the US are far from rosy.

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