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Posted December 22nd, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 15th December 2008

The downward trend for sterling has continued. More record lows were recorded against the euro and the dismal outlook for business growth, falling house prices and rising unemployment has only compounded matters. Exchange bureaus are now officially offering less than €1/£1 and the market rates are only a few cents away from parity. Consumer confidence has been severely dented according to the Bank of England’s minutes, which were released last week and the UK‘s outlook is increasingly negative. Better-than-expected UK retail sales data both year-on-year and month-on-month did nothing much to help. Still no sign of any upside for Sterling.

 

Mixed Eurozone data and the continuing speculation that the European Central Bank will not slash interest rates in the same manor as the UK and US saw the euro make substantial gains against the US$ and sterling. The outlook for 2009 remains gloomy for Europe and according to some analysts the delay in cutting interest rates could prove to have a prolonging effect on the recession and a mistake in the long-term.

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Posted December 15th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 15th December 2008

Sterling suffered another slump against the euro and drew massive media attention for hitting record lows daily. The fall in value of over 20% through this year has and will continue to have a serious impact on sectors the UK economy with added pressure on everyone from major importers through to British ex-pats having their  Continue Reading…

Posted December 8th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 8th December 2008

Another week in the doldrums for sterling saw it fall against almost all major currencies, reaching a new record low against the euro and a multi-year low against the US$. The main focus of the week was the decision on interest rates from the Bank of England (BoE). Cutting UK interest rates from 3% to  Continue Reading…

Posted November 30th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 1st December 2008

Sterling made steady gains throughout last week against the US$ and the €, owing more to issues within the American and European economies rather than from anything positive from recent UK market data. The pre-budget speech by Alistair Darling last Monday did little to move sterling on the markets. However, one mildly positive note was  Continue Reading…

Posted November 24th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 24th November 2008

Sterling edged up through last week away from the record lows of the previous. The shock of reaching such a low level against the euro which many had considered as inconceivable has forced a re-think of how much further down sterling could fall with further interest rate cuts becoming more of a certainty as inflation  Continue Reading…

Posted November 17th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 17th November 2008

Sterling is in the pits. The constant stream of increasingly negative data over the last year as well as the gloomy outlooks on the year ahead have left a sad picture of the UK economy. The recent flurry of well publicised job cuts and the ever growing sense of an impending recession (that may or  Continue Reading…

Posted November 10th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 10th November 2008

The Bank of England’s move to slash interest rates in the UK last week from 4.5% to 3% was surprisingly well received by the markets and it is hoped the decision will shock the flagging UK economy back into life. Despite rates being at their lowest for 53 years, there were suggestions following the announcement  Continue Reading…

Posted November 3rd, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 3rd November 2008

Sterling rose steadily against the euro throughout a relatively quiet week for market data. Closing last week only marginally up against the US$ despite another period of high price volatility the sterling to US$ rate moved in a huge range over the last five days of around 8%. The reductions in LIBOR (inter-bank lending rates),  Continue Reading…

Posted October 27th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 27th October 2008

Conditions went from bad to worse for sterling last week. On the release of poor GDP figures on Friday, which were widely expected to show the UK economy contracting over the last quarter, the pound went to a new record low against the euros and slipped further down against the US$. Considering that the poor  Continue Reading…

Posted October 20th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 20th October 2008

After a positive start to the week which saw sterling make gains against the euro and US$, sterling only managed to maintain similar trading levels to previous weeks. The start of the week benefited from renewed confidence born from the UK treasury’s cash injection to the high-street banks and lending markets. There was unprecedented volatility  Continue Reading…

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