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Posted May 14th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 14th May 2010

EUR/GBP – 1.165

Sterling fell yesterday against the US dollar and euro as the UK’s trade balance widened by more than expected. In March, the UK imported £6.3bn more than it exported and in April this gap increased by more than £1bn to £7.5bn. Exports remained steady and imports jumped, which disappointed the markets. Sterling is weak compared to most major currencies and the fact that this has not encouraged foreign investment into the UK is worrying, but also shows that global demand as a whole is weak. The ongoing saga in Greece could be blamed for a lack of demand for UK goods, but this is likely to continue as the Euro zone looks to curb spending and avoid debt default. Mervyn King hinted that the UK would benefit if Germany injected funds into the economy to encourage spending and ultimately boost UK exports. Elsewhere, the new government sent a clear message of its intentions to cut spending by cutting their own pay by 5% – frozen for 5 years. Whilst this saves roughly £3m (a drop in the ocean compared with the deficit) it is a clear message to the markets. So far, financial markets have welcomed the new coalition. Unfortunately, the pound is in a poor position. If the Greek crisis spreads further, we will effectively lose demand from a major marketplace for UK exporters. Out today we have no real data for the UK, but the currency traders will keep a close eye on David Cameron as he continues to forge ahead with plans for a ‘New Britain’. Call in now for a live exchange rate.

In the Euro zone, Portugal announced tough ‘austerity’ measures including tax hikes and pay cuts for public sector workers. The measures follow yesterday’s announcement by Spain of similar cuts which were met an angry response and threats of public sector strikes. The tough measures are the price that needs to be paid for the 750bn bail out that was announced over the weekend. There was little data out yesterday, but the euro rose against sterling as sentiment improved towards the Euro zone with European stock markets up nearly 8% this week having recovered losses. There is no data out today, so expect more of the same – trading on sentiment. Call in now to get a live rate.

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Posted May 13th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 13th May 2010 EUR/GBP – 1.174 After a strong start to the day following the formation of a new government, sterling fell against the US dollar and euro. The pound hit a low of $1.4821/ £1 after opening above $1.5040/ £1. Against the euro, sterling fell from a high of  Continue Reading…

Posted May 12th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 12th May 2010EUR/GBP – 1.182 Sterling rose yesterday as Gordon Brown tendered his resignation from office and David Cameron became our new Prime Minister, agreeing a coalition with the Liberal Democrats that sees them part of government for the first time in 70 years. After a volatile day, sterling recovered  Continue Reading…

Posted May 11th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 11th May 2010 EUR/GBP – 1.165 Sterling gained against the US dollar throughout most of yesterday, hitting a high of $1.5054/ £1 as speculation over a deal between the Conservatives and Liberal Democrats helped calm market concerns over the political situation in the UK. Despite being up nearly 1.7% against  Continue Reading…

Posted May 10th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 10th May 2010 EUR/GBP – 1.143 After a turbulent week for the pound last week, and the most closely fought election for nearly forty years, we are still in store for a turbulent week on the foreign exchange markets. Sterling recovered marginally from Friday morning’s lows against the US dollar  Continue Reading…

Posted May 7th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 7th May 2010 EUR/GBP – 1.150 Sterling has had a rollercoaster ride over the last 24 hours. We saw it hit 1.1860/ £1 at one point yesterday, before falling to a low (at the time of writing) of 1.1532/ £1 as sterling goes into freefall this morning as current predictions  Continue Reading…

Posted May 6th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 6th May 2010EUR/GBP – 1.175 Sterling was very much caught in the middle yesterday as concern over the Euro zone debt crisis caused the pound to jump to a 9 month high of 1.1770/£1 against the euro, but fall against the US dollar to hit a 5 week low of  Continue Reading…

Posted May 5th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 5th May 2010 EUR/GBP – 1.168 Sterling had a mixed day yesterday falling to a 5 week low against the US dollar of $1.5090/ £1 and gaining against the euro to finish the day well above the 1.16/ £1 mark. The pound suffered over concerns that the crisis in Greece  Continue Reading…

Posted May 4th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 4th May 2010 EUR/GBP – 1.155 Sterling has started the week relatively quietly ahead of Thursday’s general election. The latest polls show the Conservatives in front, but still lacking the required majority to take overall victory. With the prospect of a hung parliament looming, this is seemingly having little effect  Continue Reading…

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