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Posted November 23rd, 2011 by Charles Purdy

USD/GBP Rate & Comments for 23rd November 2011

US$/GBP – 1.5598

Sterling fell to a 6 week low against the US dollar yesterday as riskier currencies became hampered by the failure of US politicians to reach agreement on spending cuts and concerns over the European debt crisis continued to wreak havoc. Whilst the pound did start to recover, it also hit a 3 week low against the euro as banks allegedly repatriated funds in order to start recapitalising. In terms of data, we have the Bank of England’s minutes released later today which are set to show that there is potentially further Quantitative Easing on the way as the UK economy struggles with high inflation and low growth. Call in now for a live price.

In the USA, US GDP growth figures were revised downwards yesterday to 2% quarter on quarter which saw risk appetite decrease and increased demand for the US dollar. With the US super committee failing to reach an agreement on spending cuts, there is a significant risk that we could see another credit rating agency downgrade the US credit rating. Get in touch now to avoid losing out.

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