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Posted November 29th, 2011 by Charles Purdy

USD/GBP Rate & Comments for 29th November 2011

US$/GBP – 1.5490

Sterling recovered from a 7 week low against the US dollar on Monday as risk appetite improved across global markets. Rumours that European leaders were pushing towards more radical action on the euro zone crisis sparked by reports that the IMF was preparing an aid package for Italy saw a surge in demand for risk related assets. However, poor data from the UK put investor expectations of a recovery off course. Retail sales figures came in very low, showing a fall at the highest rate for 2 ½ years as consumers cut back spending. In addition, a report by the OECD stated that the UK will slip back into recession next year and that the Bank of England should increase the level of Quantitative Easing to £400bn. Today sees the chancellor’s Autumn report so call in now to avoid losing out.

In the USA, risk appetite was helped by reports of strong retail sales on “Black Friday” – the traditional post-Thanksgiving day of retail discounting similar to Boxing Day in the UK. In addition, there were reports that yesterday – dubbed “Cyber Monday” – would see record levels of online shopping ahead of Christmas, which helped investors feel marginally better and saw the US dollar slip off. 

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