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Posted November 22nd, 2011 by Charles Purdy

USD/GBP Rate & Comments for 22nd November 2011

US$/GBP – 1.5654

Sterling fell to the lowest level against the US dollar for 6 weeks yesterday as investors moved away from riskier assets, but sterling remained supported against the euro given concerns over euro zone stability. With a fragile UK economy and the Bank of England’s minutes release tomorrow that are expected to show the Bank’s readiness to deploy further Quantitative Easing, sterling is set to continue to come under pressure against the US dollar. Some analysts are predicting that sterling will fall to $1.53/£1 by the end of the year as the recovery slows. Figures yesterday showed that UK shopper numbers fell by the fastest rate since last year’s heavy snow as consumers tightened their belts. Out later today there is key data on public sector borrowing that could cause some volatility. Call in now to ensure you don’t lose out.

In the USA, the US dollar surged against its counterpart currencies as investors shunned riskier assets and the debt crisis raged on. US stock markets fell yet again, with the S&P 500 slipping below the 1,200 level for the first time since October. Out later today there is US GDP data so call in as this could cause some movement. 

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