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Posted August 4th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 4th August 2008

It was another week of mediocrity on the markets for Sterling as the onus had been shifted to achieving some stability in the economy. For all of the unflattering economic data that was released over the last week, it has been the consistency of equally poor data from the Eurozone that helped keep the pound with its head above the water. Energy prices soared from some of the UK‘s largest suppliers and further inflationary issues are keeping the Bank of England’s hands tied over making a much needed cut in interest rates to boost growth.

  

Europe was showing more, clear signs of slowing growth and pulled back from its record highs against the US dollar in the previous week and is currently at 1.2640/£1. The spectre of high inflation is now no-longer a concern for the UK alone, as reports from July showed inflation to have reached 4.1% in the Eurozone in the last quarter. Consumer confidence has shown to have decreased substantially and a hike in interest rates will be even less likely this year.

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Posted July 28th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 28th July 2008

Weekly € rates and comments – week commencing 28th July 2008   The pound threatened to buck the recent trend and pushed for month-high prices against most major currencies early last week. In their published MPC meeting minutes, the Bank of England showed in that although the majority of the members voted to keep rates  Continue Reading…

Posted July 21st, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 21st July 2008

  Sterling remained steady last week and has kept within a tight trading range against most currencies. In the last 3 months the price has found a new base and this stability is perhaps owing to forecasts that interest rates are to remain on hold in the UK until the end of the year. UK  Continue Reading…

Posted July 14th, 2008 by Charles Purdy

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

    Minimal movement for sterling last week against most if not all other currencies. The Bank of England kept UK interest rates on hold which was as expected. What choice did they have, UK inflation is high and the economy weak. Probably none but I do wonder why interest rates are so high given  Continue Reading…

Posted July 7th, 2008 by Charles Purdy

€ weekly rates and comments – week commencing 7th July 2008

    Did sterling have a lucky escape last week? The American private equity firm looking to invest in Bradford and Bingley pulled out citing a downgrade in the B&B’s debt as the reason. In stepped the Bank of England to make sure that there was no rerun of Northern Rock. However it reinforces how  Continue Reading…

Posted June 30th, 2008 by Charles Purdy

€ rates and comments – week commencing 30th June 2008

  Sterling sentiment hasn’t changed over the last few weeks. Problems still abound with UK inflation high and the UK economy slowing. The housing market is still suffering and as the credit crunch continues to bite, mortgage approvals have fallen significantly, we are far from seeing an end to the uncertainty. The Bank of England  Continue Reading…

Posted June 23rd, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 23rd June 2008

    Sterling maintained its “steady as she goes” stance although there have been a few waves along the way. First was the open letter from the Bank of England to the Government explaining why inflation was over 3% when the target was 2%. The problems are that the main factors affecting inflation, energy and  Continue Reading…

Posted June 16th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 16th June 2008

    Sterling continues to be “steady as she goes”. Over the last few weeks there has been little downward movement which suggests that sterling has found a base from which it may strengthen. The only worry is if we have another shock such as a Northern Rock. UK inflation is the major concern. Not  Continue Reading…

Posted June 9th, 2008 by Charles Purdy

Weekly € rates and comments – week commencing 9th June 2008

  No major movements for sterling in the last week, losing a bit of ground against some currencies and gaining a bit of ground against others. The Bank of England met and decided to keep interest rates on hold. This was very much as expected. The BOE’s choices are somewhat limited as UK inflation is  Continue Reading…

Posted June 2nd, 2008 by Charles Purdy

€ rates and comments – week commencing 2nd June 2008

  Sterling had another steady week last week. UK house prices still continue to fall while fuel and food costs continue to rise. Consumer confidence is fragile. Not good. However a lot of bad news has already been factored into sterling’s exchange rate against most other currencies.  The key is for there to be no  Continue Reading…

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