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Posted October 29th, 2007 by Charles Purdy

Weekly € rates and comments – week commencing 29th October 2007

 
 

Not a great week for sterling losing ground it seems against everything apart from the US$. The Bank of England warned that the UK remained vulnerable to shocks from the global credit squeeze which isn’t a surprise and certainly wasn’t a help to sterling. The housing market continues to suffer here in the UK with a significant reduction in mortgage approvals and it appears to be a buyers market. Also the market is beginning to believe that UK interest rate reductions are likely sooner rather than later. A period of uncertainty for sterling.

 

The € is still flavour of the month with reasonable economic data and as such both sterling and the US$ are losing ground. The € sits at €1.426/£1 inter bank. However, the Euro zone is slowing with even Germany reducing its growth forecast for 2008 from 2.4% to 2.0%. The European Central Bank is unlikely to reduce € interest rates in the short term as it is concerned about inflation and as such this will benefit the € given the expected interest rate cuts elsewhere. Still seems like an excellent time to repatriate € funds.

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Posted October 21st, 2007 by Charles Purdy

€ rates and comments – 22nd October 2007

Sterling is holding its own. The minutes of the last Bank of England meeting were released and the vote had been 8 to 1 to keep UK interest rates on hold. The credit crunch was obviously a concern but inflation is still a worry to the BOE. The last inflation figure of 1.8% was within  Continue Reading…

Posted October 15th, 2007 by Charles Purdy

Weekly Euro rates and comments – week commencing 15th October 2007

Sterling didn’t have a great week or so losing a little bit of ground against most currencies. No clear reason why this should have been the case and I think it was more likely a situation of better news elsewhere. The UK housing market seems to be slowing which will affect consumer confidence. We also  Continue Reading…

Posted October 8th, 2007 by Charles Purdy

Weekly Euro rates and comments – week commencing 8th October 2007

  Sterling has had a steady week against the Euro and the US$ but lost ground against the commodity backed currencies of Canada and Australia. The Bank of England met this week and UK interest rates were kept on hold. This was as expected. The trouble with the BOE is that it takes a couple  Continue Reading…

Posted October 1st, 2007 by Charles Purdy

Weekly Euro rates and comments – week commencing 1st October 2007

    No major negative news last week to hurt sterling. In fact the Bank of England made £10bn available in short term funding and there were no takers. However the sight of queues outside of a British bank with savers desperately trying to get their money out has not inspired confidence. All in all  Continue Reading…

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