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Posted November 30th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 30th November 2010

EURO/GBP1.1859

Sterling rose to a 2 month high against the euro yesterday as investors saw beyond the €85bn Irish rescue plan and sold the single currency on fears that other nations in the Euro zone would also need help. Sterling failed to capitalise on an upward revision to the UK’s growth forecasts by the Office of Budget Responsibility (“OBR”) which revised forecasts for 2010 from 1.2% to 1.8%, but cut the 2.3% forecast in 2011 to 2.1%. Sterling got stuck in the middle of the euro and US dollar, as investors moved from riskier assets into the safe haven US dollar. As a result, sterling slipped to a 2 month low against the US currency of $1.5529/£1. Other data released today showed that mortgage approvals in the UK fell to the lowest in 8 months and other figures showed a fall in house prices. This uncertainty is likely to cap any potential sterling gains against the euro, so call in now for a live exchange rate to avoid losing out.
 
In the Euro zone, the markets were digesting the main news from the weekend yesterday – namely the approval by EU finance ministers of a €85bn rescue package for Ireland. In addition, the outlines for a long term ‘European Stability Mechanism’ were also agreed. This is designed to be a more permanent bail out facility that will eventually force the private sector to share the burden. Despite calls from France and Germany that this idea (the brainchild of both nations) had “saved the euro”, financial markets were sceptical and as a result, the euro slipped to 2 month lows against the US dollar and sterling as investors looked to see who would be next. Call in now for a live exchange rate.

  

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Posted November 26th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 26th November 2010

EURO/GBP – 1.1840 Sterling was undermined by comments from the Bank of England governor Mervyn King, who said “strong action” against inflation could destabilise the economy.  Sterling continues to follow trends from events in the Eurozone as it reversed gains against the Euro following comments by ECB member, Axel Aeber who indicated that Europe’s rescue  Continue Reading…

Posted November 25th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 25th November 2010

EURO/GBP – 1.1852 Sterling hit a high of €1.1862/£1 against the euro as the situation in Ireland continued to see investors selling the single currency ahead of a finalised bailout plan that is expected later this week. Data in the UK helped lift sterling with GDP data for the 3rd Quarter unchanged from the first  Continue Reading…

Posted November 24th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 24th November 2010

EURO/GBP – 1.1850 Sterling hit a 2 month high against the euro yesterday of €1.1836/£1 as fears that the debt crisis could spread left investors selling the euro. The risk of ‘contagion’ (i.e. other countries in the region joining Ireland and Greece in needing a bailout) saw a resurgence in ‘risk aversion’ where investors look  Continue Reading…

Posted November 23rd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 23rd November 2010

  EURO/GBP – 1.1710   Sterling gained against the euro yesterday after the single currency lost early gains following the bailout as the country was plunged into political uncertainty. Despite the headline grabbing news, the financial markets were anticipating a bailout last week. Therefore, yesterday’s news did not see the volatility that might be expected  Continue Reading…

Posted November 22nd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 22nd November 2010

EURO/GBP – 1.1676 Sterling fell against the euro on Friday, as anticipation over a potential Irish bailout helped the single currency. Sterling also slipped against the US dollar after China increased the capital reserve requirements for Banks. This saw concerns over potential tightening of policy in the country that could impact the wider global economy.  Continue Reading…

Posted November 19th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 19th November 2010

EURO/GBP – 1.172 Sterling gained against the US dollar yesterday as positive retail sales figures and factory orders helped lift the pound back over $1.60/£1 but it struggled to hold above that level. Retail sales rose by 0.5% in October, recovering from the -0.2% fall the previous month. Data also showed that factory orders fell  Continue Reading…

Posted November 18th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 18th November 2010

EURO/GBP – 1.172 Sterling edged up yesterday after an unexpected drop in the number of people claiming unemployment benefits and minutes from the Bank of England’s Monetary Policy Committee November meeting showed that the bank is still some way off implementing further Quantitative Easing. The figures showed that the number of people claiming unemployment benefit  Continue Reading…

Posted November 17th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 17th November 2010

EURO/GBP – 1.177 Sterling fell sharply yesterday after Bank of England governor Mervyn King signalled that the Bank of England could launch a further programme of Quantitative Easing if needed. Earlier in the day, data showed that UK inflation came in higher than expected at 3.2%, which gave sterling a boost. However, governor King’s comments  Continue Reading…

Posted November 16th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 16th November 2010

EURO/GBP – 1.179 Sterling slipped against the US dollar yesterday but held near to a 7 week high against the euro as concern over the debt situation in Ireland hampered the single currency’s prospects. It was a quiet day for data in the UK with most traders looking ahead to Wednesday’s minutes of the Bank  Continue Reading…

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