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Posted August 11th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 11th August 2008

Sterling had a quiet start to last week as speculation regarding future monetary policy and the interest rate announcement from the Bank of England on Thursday were the main focus of attention. No great surprises were expected and rates were kept on hold. However, despite more unfavourable data regarding growth and manufacturing the pound kept within its recent trading range against most major currencies, except the US$ which continued to strengthen. That was until Thursday lunchtime and Jean Claude Trichet’s statement following the ECB’s own announcement on Interest rates.

 

 

As Trichet’s speech outlined in plain terms a significant slowdown in European growth and well above target inflation in the Eurozone, the Euro, currently at 1.275/£1 edged down against the pound and lost further significant ground against the US$. This was the sort of news that has been hoped for on this side of the water and has supported the view that no-one will be immune to the credit crunch and the current global financial issues.

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