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Posted September 30th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 30th September 2010

EUR/GBP – 1.164

Sterling fell again against the euro yesterday after Tuesday’s downbeat comments by a key Bank of England policy maker left sterling under severe pressure from investors. Sterling dropped to a 4 month low of 1.1590/£1 as markets became more and more concerned over the prospect of further Quantitative Easing. Sterling held steady against the US dollar. In a speech on Tuesday, Monetary Policy Committee member Adam Posen said that the central bank should start pumping more money into the economy in order to avoid a prolonged slump of the sort that Japan saw in the 1990’s. These comments certainly came as a surprise and saw sterling follow the US dollar down against the euro. Despite dropping a long way on Tuesday, poor UK data saw sterling drop further. The pace of service sector activity came in worse than expected and mortgage approvals stayed flat. In terms of data, there is key house price data which could see sterling drop even further if this dents the UK’s prospects. Call in now to speak to one of the team and prevent yourself from losing out further.

In the Euro zone, there was no real data out yesterday and the euro continued to trade on weak US and UK sentiment hitting a 4 month high against sterling and breaching the $1.36/1. A number of technical levels were breached which also pushed the euro higher. ‘Technical levels’ are points on the graph of a currency price which traders follow very closely. Any deviation upwards or downwards means that traders buy or sell based on where they feel the prices are going. In terms of data out today, there is German unemployment data and inflation data for the Euro zone. Expect the single currency to continue to strengthen on poor UK and US sentiment, so speak to a trader today to secure your exchange rate.

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Posted September 29th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 29th September 2010

Posted September 28th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 28th September 2010

EUR/GBP – 1.178 Sterling rose against the US dollar to hit a 7 week high of $1.5867/£1 as the US currency struggled to shake off concerns that the Federal Reserve would ease monetary policy further to stimulate the flagging recovery. The movement is clearly more down to US dollar weakness than sterling strength, as sterling’s  Continue Reading…

Posted September 27th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 27th September 2010

EUR/GBP – 1.174 Sterling rose against the US dollar towards the end of last week and in early trading so far today. Sterling reached a high of $1.5842/£1 – a 6 week high – after poor US housing data added to an already weaker US dollar. Strong business sentiment in Germany helped the euro jump  Continue Reading…

Posted September 24th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 24th September 2010

EUR/GBP – 1.175Sterling rose against the euro yesterday as Euro zone data came in worse than expected and cast doubts over the validity of the region’s recovery. European Purchasing Manager’s data (which shows how much companies are buying) came in far worse than expected causing concerns that the business outlook for the region is looking  Continue Reading…

Posted September 23rd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 23rd September 2010

EUR/GBP – 1.168 Sterling fell to a 4 month low against the euro yesterday of 1.1662/£1 and a 2 month low against a basket of major currencies after the minutes of the Bank of England’s recent interest rate meeting showed that the Monetary Policy Committee were more willing to consider a fresh round of Quantitative  Continue Reading…

Posted September 22nd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 22nd September 2010

EUR/GBP – 1.177 Sterling fell to a 2 month low against the euro yesterday after stronger than expected demand for Irish and Greek government bonds eased concerns over European sovereign debt. Ireland sold 100% of the 1.5bn worth of bonds on offer and Greece managed to sell 390m worth of bonds – 72% of what  Continue Reading…

Posted September 21st, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 21st September 2010

EUR/GBP Rate & Comments for 21st September 2010 EUR/GBP – 1.186 Sterling fell to a 7 week low against the euro yesterday after poor UK data highlighted a slow UK recovery. Data showed that lending to businesses dropped for the 5th consecutive month in July and mortgage approval data showed the lowest number of new  Continue Reading…

Posted September 2nd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 2nd September 2010 EUR/GBP – 1.203 Sterling hit a 3 week low against the euro yesterday after UK purchasing manager data came in sharply lower than was expected. The survey asks business purchasing managers whether they have bought more or less this month, and is a key indicator of business  Continue Reading…

Posted September 1st, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 1st September 2010 EUR/GBP – 1.210 Sterling fell across the board on Tuesday as concerns over the global economy sent jitters through financial markets. Sterling dropped to a 5 week low of $1.5327/£1 – breaking through the 200 day ‘moving average’ which means there is likely to be further downward  Continue Reading…

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