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Interbank Market rate - GBP/USD

Bid Ask
14:02
1.5819 / 1.5823
Low High
24h 1.5755 - 1.5829
Week 1.5657 - 1.5868

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Daily Commentary

03 February 2012

Alex Hartley


:: United States Dollar: Sterling remains high against the Greenback despite Posen's comments. UK Construction PMI started the data releases yesterday for both sides of the pond and came in disappointingly below expectation. News then moved over to the US as all eyes focused in on unemployment claims. The claims figure came in less than expected, falling last week on the improving job market. Other US data also came in better than expected, notably nonfarm productivity and unit labour costs. Comments from BoE policymaker Posen saw Sterling fall from yesterday highs versus the Greenback as he talked about leaning towards 75 billion in extra QE. He also went on to express confidence that other central bankers will join him in his vote towards a further cash injection. Possibly a little safe haven investor interest in the US dollar dragging on cable as no news of an agreed deal in Greece. GBP/USD has recovered for the start of today’s session, but remains within the 50 pip movement seen yesterday. The range for the currency pair has been 1.5790 / 1.5840 in the past 24 hours and we open this morning at 1.5830. US non-farm payrolls (NFP) and services PMI data are both worth monitoring today.

- We expect a ... read more


Forex news

Sterling dips vs dollar on US jobs data, gains vs euro

04 February 2012
Sterling dipped against the dollar on Friday after stronger-than-expected U.S. employment data dented expectations of further monetary stimulus from the Federal Reserve, boosting the U.S. currency. read more

Sterling dips vs dollar on US jobs data, gains vs euro

04 February 2012
Sterling dipped against the dollar on Friday after stronger-than-expected U.S. employment data dented expectations of further monetary stimulus from the Federal Reserve, boosting the U.S. currency. read more

Sterling up vs dlr after PMI, but QE bets hold firm

03 February 2012
Sterling approached a 2-1/2 month high versus the dollar on Friday, boosted by stronger-than-expected data from the UK's dominant services sector that helped ease concerns the economy could slip into recession. read more

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