Call Free Phone Now:0808 163 0102
Outside the UK: +(44) 207 898 0541 Request a Call Back
 
  Daily Currency News Euro US Dollar Educational Articles  
 
Posted April 27th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 27th April 2009

Sterling suffered a rather poor week on the markets thanks to an array of poor data and publications released throughout last week. Improvements from the prior week’s trading which had seen sterling hit multi-week-highs against the euro and US$ unwound gradually as confidence in the pound dwindled. Last Wednesday’s budget announcement from the Chancellor, the release of the Bank of England meeting minutes and jobless figures for March combined to weaken sterling with weaker-than-expected UK GDP data compounding the losses on Friday. We also learnt last week the level of UK government debt we as a nation will be taking on over the next few years. The figures are based on what some say are over-optimistic predictions and therefore could well be substantially worse than forecast. Despite the poor news and data sterling performance showed a level of resilience not seen in previous months and this should be as a positive for the medium term.  On Friday we see the release of data released on UK manufacturing and mortgage approvals. Improvements are expected in both with the former helped by new orders and sterling weakness.

 

The euro sits at €1.104/£1 interbank. Euro zone economic data was very thin on the ground last week. The lack of significant news as well as the poor performance by sterling and the US$ flattered the euro, eventually closing roughly 2% higher against both currencies. The US equity markets have enjoyed six consecutive weeks of gains and this optimism has been supported by some encouraging housing market data, but as before, in the current market positive US economic data has encouraged risk-taking and resulted in a weaker US$. There is a mixture of economic data out this week so it will be interesting to see how the disparate parts of the euro zone are doing.

Leave a Reply

Posted April 20th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 20th April 2009

The equity rally which started in the previous weeks trading continued last week and helped sterling extend its recent gains against most major currencies. Though sterling’s value on the markets is still mainly influenced by risk-appetite/aversion, increased confidence in the UK and global financial sector has clearly helped. This week we have the budget to  Continue Reading…

Posted April 14th, 2009 by Charles Purdy

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

With the main focus of last week a rather predictable decision on interest rates from the Bank of England (BoE) sterling enjoyed a rather more stable period on the markets than events in previous weeks had allowed. There was no direct mention of further ‘unconventional’ monetary policy, such as quantitive easing, in the announcement and  Continue Reading…

Posted April 6th, 2009 by Charles Purdy

Weekly € rates and comments – week commencing 6th April 2009

The G20 summit in London last week had been touted during the run-up as perhaps the pivotal moment for the major powers dealing with the global recession and how we all may survive the ensuing fall-out. So far we have learnt as much about the divisions within certain camps at the meeting as we have  Continue Reading…

© Copyright 2010 Smart Currency Exchange. All Rights Reserved.
Site by Iniquus