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Sterling Bias Higher, Pound To US Dollar Rate Edges To 1.249
The Pound to Dollar (GBP/USD) exchange rate was unable to make any headway on Friday, primarily under the influence of a stronger US dollar. GBP/USD dipped to lows just below 1.2450 before a tentative recovery to 1.2485 on Monday. Markets remained uneasy over the global growth outlook, which triggered losses for commodity currencies. The dollar also secured an element of defensive demand, especially with concerns over the US debt ceiling. There has been no progress in the stand off between the Administration and Congress while the Treasury has reiterated that the cash could run out by June 1st. The dollar index ... (full story)