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Posted March 22nd, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.107

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Despite recovering against the US Dollar and euro throughout most of last week, sterling fell considerably this morning against the US dollar following concerns over the political and economic outlook for the UK in the run up to both the Budget on Wednesday and the election which must happen in the next couple of months. The pound fell back below the $1.50/ £1 as sentiment towards the pound remains very negative and concerns over the economy remain. Investors are also worried that the next government will not be able to effectively tackle the challenges facing the economy. It is a busy week on the economic calendar in the UK, with the Budget, inflation data and retail sales data. Today we see the Bank of England governor Mervyn King address the Royal Society in London. He is likely to reiterate that the UK still faces challenges – any mention of increasing the emergency funding in the economy will see sterling suffer. Get in touch now for a price, as this week is likely to be volatile.

In the Euro zone, European leaders are meeting later this week in Brussels to discuss how best to deal with the Greek debt crisis. In an interview published this morning, EC President Jose Manuel Barroso said that a decision on what to do must be made this week, as otherwise the stability of the euro zone will be threatened. As a result, the euro has fallen against the US dollar, but remained fairly stable against sterling as both currencies suffer in tandem. Today, the European Central Bank President Jean Claude Trichet speaks in Brussels. Get in touch now, as there could be a lot of movement this week as the Greek debt crisis takes centre stage alongside the UK budget.

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