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Posted July 6th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 6th July 2010

USD/GBP – 1.517

The pound fell yesterday after weaker than expected data on UK services sector activity highlighted the fragile state of the country’s recovery. This saw many investors booking in profits after the pound’s late rally against the US dollar at the end of last week. The measure of PMI service sector activity showed a drop form 55.4 to 54.4 due to subdued business confidence and a record drop in confidence. As a result, sterling slumped from a daily high of $1.52/ £1 to hold above $1.50/£1 and against the euro the pound traded in a fairly narrow range between 1.2050/ £1 and 1.21/£1. Out today, there is house price data for the month which is expected to show a slight increase in prices. However, the last few sets of results have disappointed and caused the pound to weaken. Call in now to ensure that you don’t lose out due to negative movements.

In the USA, with the markets closed for the Independence day weekend, there was no economic data released and as such quite limited movement as there was fewer places that banks could buy currency from each other. Out today, there is PMI purchasing manager’s data that excludes manufacturing. Including this data with the fact that the markets have been shut for 3 days could see a large amount of volatility. Get in touch now to avoid missing out.

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Posted July 5th, 2010 by Charles Purdy

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Posted July 1st, 2010 by Charles Purdy

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Posted June 28th, 2010 by Charles Purdy

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Posted June 25th, 2010 by Charles Purdy

USD/GBP Rate & Comments for 25th June 2010 USD/GBP – 1.492 Sterling extended gains yesterday and hit the highest level since November 2008 against the euro after renewed sovereign debt fears in Greece contrasted sharply with a new found optimism that the UK budget cuts will rein in the country’s record deficit. Following the new  Continue Reading…

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