USD/GBP Rate & Comments for 23rd August 2010

USD/GBP – 1.558

Last week was a strong one for sterling against the euro and this trend has continued this morning as it is trading at 1.2260/£1. During this past week, the Bank of England minutes for the month of August showed that the decision to keep interest rates unchanged was not unanimous for a third successive month as Andrew Sentance was once again the lone dissenter, calling for an increase of 25 basis points to 0.75 percent. Sterling was initially well supported after the Bank of England minutes as there was no talk about a further bout of quantitative easing. For this upcoming week broader risk trends will dictate sterling price action as sterling faces a light economic calendar. Call in now for a live exchange rate.

The US dollar rallied last week due to poor US data and losses on equity markets around the globe. The number of new claims for unemployment benefits unexpectedly jumped to 500,000. In addition, a key measure of manufacturing production showed a further than expected decline. As a result of this poor data, there are yet again concerns over the state of the US recovery and as such – the global recovery as a whole. With a stalling housing market and poor economic data expect this week’s trading to revolve around risk aversion as investors look to avoid unnecessary risks to their investments. There is little data out today – ensure you are taking advantage of the best prices by speaking to a trader today.

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