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Posted May 24th, 2012 by Charles Purdy

USD/GBP Rate & Comments for 24th May 2012

US$/GBP – 1.5682

Sterling strengthened against the euro and the commodity backed currencies; but, weakened against the US dollar and Japanese yen as risk aversion drove the market. Data released yesterday showed a sharp drop in retail sales figures to -2.3% when only a -0.8% figure was expected. The Bank of England’s policy meeting minutes revealed that the MPC members voted 8-1 to keep quantitative easing unchanged despite the deterioration of the Eurozone. Revised GDP data released today could cause a lot of volatility if the figures differ significantly from the widely disputed preliminary figures that showed the UK was back in a technical recession; so, call in now for the latest news and a live quote.

The US dollar performed well yesterday driven by investors seeking “safer havens” following the on-going developments in Europe. On the data front, new home sales figures released yesterday came in above markets expectations. Out today, the main news on the agenda is the weekly change in unemployment claims and figures showing the change in the total value of new purchase orders placed with manufacturers for durable goods. With the fears over the Eurozone continuing to dominate investor’s minds, we will have to see how long this strong dollar trend continues; call in now for the latest news and a live quote.

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