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Posted March 18th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.116

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Yesterday sterling rose to a 3 week high against the US dollar and euro as stronger than expected labour data and better than expected comments from the Bank of England reversed negative sentiment against the pound. Sterling hit a high of $1.5382/ £1 and 1.1165/ £1 after data out yesterday morning showed that the unemployment in the UK unexpectedly fell by 32,300 when expectations were for an increase of 8,000. This was the largest monthly fall in claimants since November 1997. In addition, minutes from this month’s meeting of the Bank of England’s Monetary Policy committee showed a unanimous vote to keep interest rates and emergency funding on hold. Some members expressed concerns over inflation which helped the pound on its upward trend. Today we have public sector borrowing and money supply data, which last month caused considerable volatility. There is some expectation that the data will show that the UK is on track to undershoot the Chancellor’s expected target of £178bn, which could be positive. Regardless, it is the best time for 3 weeks to buy US dollars and euros. Get in touch to avoid a reversal impacting your payment.

In the Euro zone, yesterday was a relatively quiet day on the economic calendar with no significant releases. However, the market digested comments from Harvard professor Martin Feldstein who was scathing of the Greek government’s ‘austerity plan’ to fix the country’s deficit. He feels that the fiscal plan will fail and Greece will have to quit the single currency in order to sort out it’s finances. Out today, we have current account and trade balance data which are both expected to narrow marginally. Get in touch now for a price.

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