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Posted April 14th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 14th April 2008

 
 

No joy for sterling last week. The Bank of England cut UK interest rates by 0.25% which was as expected. However from the announcement which accompanied the cut the BOE warned that the credit problems were beginning to effect more than just the financial market. So where to from here. I suspect further weakness for sterling.

 

The € continues to hit highs against the US$ and sterling and sits at €1.250/£1 inter bank. Euro land economic conditions in Germany, France, Belgium and the Netherlands continue to prosper whereas Spain and Italy are less than rosy. However the former are having the greater influence with the European Central Bank keeping € interest rates on hold last week and there is very little possibility in a reduction short term. So the € maintains its “safe haven” status.

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