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The Pound Just a few comments from a member of the BOE, we have seen the GBP shoot higher against all of its majors. In fact it was the biggest one day gain against it's the euro in eight months. However it could face more event risk compared to the rest of the majors, as the minutes from the BOE October meeting along with Q3 GDP results for the UK have the impact to stoke heavy volatility in the currency.
The US dollar was one of the weakest currencies last week, as market sentiment reflected increased risk appetite. With a disappointing earnings report from GE and Bank of America we could see even more declines against GBP and the Euro
Interbank rates at 9.15am
GBP-EURO 1.088
GBP-USD 1.625
GBP-AUD 1.764
No major data out today
Phil Bennetts
Foreign Exchange Explained
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