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Posted November 28th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 28th November 2011

US$/GBP – 1.5546

Sterling strengthened from a 7 week low against the US dollar last week as risk appetite improved on Friday. Sterling held its ground against the euro as well. The big event of the coming week is set to be the Chancellor’s autumn statement, released tomorrow. We are likely to see George Osborne reaffirm the government’s commitment to cutting the deficit, but the main focus is expected to be a reduction in growth forecasts for next year. The EU crisis is expected to have a knock on effect and see the UK skirting recession next year – all of which could have an impact on sterling. Other key data released this week includes UK manufacturing, mortgage lending and consumer confidence. Call in now for a live exchange rate.

In the USA, the US dollar continues to maintain its position as the only real safe haven currency and as such is particularly strong at the moment. Last week’s ‘Black Friday’ showed reportedly much higher sales than in the previous year and as a result, investors feel good about retail sales in the country and the prospects for recovery. Later this week we have figures on payroll and manufacturing which could sink any optimism so call in now for a live exchange rate.

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