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Posted December 21st, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 21st December 2009

Sterling had another mixed week last week. It gained a bit of ground against the € and lost a bit of ground against the US$. UK economic data released was variable with employment data surprising to the upside and November retails sales to the downside. We are now in the final throes to Christmas, a key trading period for retail worldwide and especially in the UK. The expectation is that retail sales will be ahead of last year and this is very important for the UK retail industry which has had significant problems this year and key to showing that the consumer is recovering from a very tough year. I think most of us will be looking forward to putting 2009 behind us and a much more productive 2010. This week we have the release of updated third quarter gross domestic product figures which are expected to show us still in recession but closer to being out of it that the preliminary figures first showed. This would be helpful for sterling showing that we aren’t lagging the rest of the world as badly as first shown.

 

During the week we had a range of poor set of economic data out of the euro zone. This made the markets realise that the euro zones economic problems were far from over. One set of data showed that after five months of expansion industrial production fell in October by 0.6%. Then a survey of German business confidence came in lower than expected which was the third monthly fall in a row and further concerns are being raised with regard to the banks in the euro zone and the possibility of further bad debts and the need to raise additional capital. So a distinct wind change for the euro which has lost 5 cents plus from its recent high against the US$.

 

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Posted December 14th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 14th December 2009

Sterling had a mixed week last week losing ground against most currencies during the course of the week but regaining a bit of ground on Friday. The Chancellor held his pre-budget report mid week which seemed to be lots of smoke and mirrors but little content. He noted that the UK economy will contract by  Continue Reading…

Posted December 7th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 7th December 2009

UK economic news was limited last week and came in close to expectations. This meant that sterling tended to move based on news/sentiment from elsewhere. Against the euro and the US$ sterling continues to move in a narrow range between its highs and lows and it is a case of taking advantage when you see  Continue Reading…

Posted November 30th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 30th November 2009

Some ups and downs for sterling last week. We had a slight revision upwards of the growth figures for the UK economy in the third quarter. But instead of growth we were still seeing the UK economy contract. The belief is that we will see the economy grow in the current quarter and the Bank  Continue Reading…

Posted November 23rd, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 23rd November 2009

Sterling is moving in a fairly narrow range against a wide range of currencies. It is the speed of movement between the extremes of this narrow range which makes it difficult to assess when best to do a transaction. The key UK releases of last week were firstly the Bank of England minutes and secondly  Continue Reading…

Posted November 16th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 16th November 2009

Sterling had a mixed week last week, holding its own against the €, gaining against the US$ and losing ground against the commodity backed currencies. Mid week the Bank of England released its quarterly inflation report which showed that inflation was unlikely to reach the target rate of 2% for a number of years. The  Continue Reading…

Posted November 9th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 9th November 2009

Sterling held its own last week as the week revolved around the meetings of the various central banks. In the UK the Bank of England kept interest rates on hold which was as expected. But the BoE did increase their programme of quantitative easing by £25bn to £200bn. From past experience this should have led  Continue Reading…

Posted November 2nd, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 2nd November 2009

Sterling had a good week gaining ground against most other currencies. A few reasons for this. Firstly a recovery from what is viewed as an over reaction by the market to poor UK gross domestic figures on the previous Friday. Secondly the UK data last week was reasonably positive with increasing house prices and improving  Continue Reading…

Posted October 26th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 26th October 2009

A difficult week for sterling last week. It started well when the minutes of the last meeting of the Bank of England’s monetary policy committee showed a unanimous vote to keep their quantitative easing programme at current levels. This helped sterling gain against most currencies and at one stage sterling hit €1.11/£1. However there was  Continue Reading…

Posted October 19th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 19th October 2009

A better week for sterling last week. It started off badly with sterling hitting a six month low against the euro. This was on the back of the rate of inflation for September being under expectations at 1.1% [August 1.6%]. I must admit I do wonder why there is inflation rather than deflation but I  Continue Reading…

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