Sterling rate takes a pounding

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Sterling tumbled very close to the lowest levels since May 25th versus the US dollar as foreign currency exchange trading opened this morning June 16th. This is amid belief that financial tightening is unlikely to occur in the near future.

The pound fell 0.2 per cent to $1.6140 following comments from the Bank of England governor Mervyn King that interest rates will stay at 0.5 per cent, despite increasing inflation, reports Reuters.

Market analyst at CMC Markets Michael Hewson stated retail sales data - released today - is likely to have an impact on the currency, suggesting it could "come crashing back to earth with a bump".

"[There are] expectations of a month-on-month decline of 0.6 per cent," he added.

Paul Collins, editor at Buy Association, recently suggested that individuals willing to be patient could find purchasing a US property to be a "very profitable investment".

He added that in the medium to long-term there are "many reasons" to do so.

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