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Posted November 26th, 2007 by Charles Purdy

Weekly € rates and comments – week commencing 26th November 2007

 

Sterling had a steady week. The Bank of England minutes were released last week which showed there had been a 7 to 2 vote in favour of keeping UK interest rates on hold. The UK economy is certainly slowing but that is no different from others. Property prices are softening. There will be reductions in UK interest rates next year but we will also see reductions in interest rates elsewhere. Sterling continues to be fairly friendless.

 

The € was steady against sterling and sits at €1.391/£1 inter bank. Although Euro land has some significant economic positives when compared to the UK and US it won’t have it all its own way. The German economy is slowing and the strong € has seen a lot of European industry begin to suffer and worry. Airbus viewed the current strength of the € against the US$ as company life threatening! The housing markets in Spain and Ireland are also in trouble. The European Central Bank is likely to keep interest rates on hold for a while to counter inflation but this is likely to have a significant negative affect on the Euro land economies. Has to be a good time to bring back funds to the UK.

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Posted November 19th, 2007 by Charles Purdy

Weekly Euro rates and comments – week commencing 19th November 2007

  Sterling had a poor week. The Governor of the Bank of England stated that economic growth next year was going to be poor and that UK interest rates were going to be reduced. Retail figures were also poor and the net effect was that sterling lost ground against both the Euro and the US$.  Continue Reading…

Posted November 10th, 2007 by Charles Purdy

Weekly € rates and comments – week commencing 12th November 2007

    Sterling had a mixed week losing ground against the Euro but gaining against other currencies such as the US$ and the high interest rate currencies such as the Australian $. The Bank of England kept UK interest rates on hold which was expected and we now wait for the minutes of the meeting  Continue Reading…

Posted November 5th, 2007 by Charles Purdy

Weekly € rates and comments – week commencing 5th November 2007

  Sterling did okay this week. Various members of the Bank of England made comments that the UK was suffering a slowdown rather than anything worse [at this time] and this has led the market to believe that any UK interest rate cuts are unlikely until next year. This has lent some support to sterling  Continue Reading…

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