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Posted October 14th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 13th October 2008

In yet another historic five days on the UK markets, where the FTSE posted its biggest ever weekly loss, sterling fell against the euro and the US$ throughout last week. The co-ordinated cut in interest rates by the Bank of England, the European Central Bank (ECB) and The US Federal Reserve (the Fed) of half of a percent seemed to favour sterling least as sharp losses were seen across the board. The assurances provided by the British government’s £40bn ‘Special Liquidity Scheme’ also seemed to do little to revive confidence in the economy and but for a late rally on Friday the sense that sterling still has a long way to come to be back at its levels of last year is an understatement.

 

Only three months after hiking interest rates by one quarter of a percent, the ECB cut to 3.75 % in the co-ordinated move with the UK and US. With inflation not the most worrying issue within the Eurozone anymore, the shift towards supporting business growth was their given rationale behind the decision. With this stance taken, speculation towards further cuts in rates will gather momentum and the euro, currently at 1.255/£1, may well stand to weaken on the markets going forward. However, the one certainty at present is the continuing air of unpredictability within the markets.

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Posted October 6th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 6th October 2008

Sterling left it late in the week but gained sharply against the euro on Friday. The pound surged to its highest levels for some months largely thanks to an injection of £40bn from the Bank of England to help with the liquidity issues which are causing so much turmoil in the UK financial sector. There  Continue Reading…

Posted September 29th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 29th September 2008

In a steadier week on the markets sterling stayed within a relatively small range against most major currencies. Edging up slowly throughout last week, then faltering late on Thursday to recover again to similar levels on Friday afternoon. The damage to sterling on Thursday was much owed to the increased likelihood of the Bank of  Continue Reading…

Posted September 22nd, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 22nd September 2008

In a roller-coaster week, sterling rallied late and closed on Friday stronger against both the euro and the US$. Developments globally as well as domestically within the financial sector made for extremely volatile market conditions and an uncertain business climate. The FSA even having to introduce new restrictions on profiting from plummeting shares known as  Continue Reading…

Posted September 15th, 2008 by Charles Purdy

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

Sterling gained some ground last week following the record low levels of the previous week. With nothing specifically positive in terms of market data for sterling, it was the uncertainty surrounding of the state of the global economy that helped finish the week on the up.    The euro, currently at 1.2590/£1, has been less  Continue Reading…

Posted September 8th, 2008 by Charles Purdy

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

Chancellor Darling hardly inspired confidence at the start of last week describing the UK economy as being similar to the post war era of the late 1940′s. Needles to say sterling began to lose value against most currencies. On Thursday, the Bank of England held UK interest rates. The BOE is still unsure what to  Continue Reading…

Posted September 1st, 2008 by Charles Purdy

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

Sterling continued to fall throughout the week and lost ground on most major currencies as the intensifying talk of recession, poor market data and bleak forecasts for the UK economy took their toll on the pound in the markets. The Nationwide house price figures released on Thursday and further confirmation from Land registry certainly added  Continue Reading…

Posted August 26th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 25th August 2008

Following a quiet start to the week for market data, sterling faltered again towards the end of last week. Poor second quarter GDP and retail sales data sent the pound lower still against the US$ and to the lower end of its recent four month trading range against the euro. For the second month running  Continue Reading…

Posted August 18th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 18th August 2008

Sterling‘s gains from the previous week were shed rather quickly following the Bank of England’s inflation report last week. Sharp losses against almost all major currencies were felt as the reality concerning the state of the UK economy was spelt out in clear terms by Mervin King. An easing bias, or in layman’s terms, the  Continue Reading…

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  Continue Reading…

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