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Posted December 14th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 14th December 2010

EURO/GBP - 1.1798

Sterling
hit a 3 week high against the US dollar yesterday; gaining nearly 2 cents from earlier lows after concerns hit the US economy that left investors selling the US dollar. At the start of the day, sterling dropped after a weak housing survey and downbeat comments by Deputy Governor of the Bank of England Charles Bean. Figures from housing website Rightmove showed that asking prices for houses had fallen by 3.0% in the last month. Lower mortgage approval rates and economic uncertainty were cited as the major factors. Deputy Governor Bean stated that the Bank of England would still look to use additional Quantitative Easing if UK growth slowed or if the Euro zone debt crisis had an adverse effect on the UK economy. Key data released today is UK consumer price inflation. This is the major indicator being used to assess whether further QE is needed. As such, there is likely to be some volatility, so call in for a live exchange rate and to discuss your options.
 

In the Euro zone, the euro received a welcome boost as strong demand from Eastern Europe and Latin American countries helped the single currency post 1.5% gains against its US counterpart. Ahead of a key Federal Reserve meeting today and a meeting of European ministers later in the week, buying volumes were much lower, which can see the market move a lot more than normal. Debt in the region is still a huge concern, with the expectation that Portugal and Spain will soon follow Ireland and Greece down the path of a bailout. Out today there is key German consumer sentiment data that is likely to be at odds with the general assessment of the region as a whole. Call in now for a live exchange rate.

 

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Posted December 13th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 13th December 2010

EURO/GBP - 1.1907 Sterling climbed against the euro on Friday after persistent ‘real money’ buying (i.e. physical purchase rather than speculative trades) saw sterling shrug off the fact that producer prices had dropped marginally. A large corporate account bought large amounts of sterling throughout the day, which also helped stabilise sterling against the US dollar. It  Continue Reading…

Posted December 10th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 10th December 2010

EURO/GBP – 1.1941 Sterling slipped against the US dollar yesterday after worries over the single currency and euro zone debt crisis brought the pound down against a stronger US dollar. There was no reaction from sterling prices as the Bank of England kept interest rates and monetary policy on hold. Whilst this was widely expected,  Continue Reading…

Posted December 9th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 9th December 2010

EURO/GBP – 1.1892 Sterling hit a 2 week high against the US dollar yesterday after industrial order data showed that the UK recovery is gaining momentum. Sterling also saw some strength against the euro as concerns over the European debt crisis continued to blight the single currency. Sterling hit a high of $1.5834/£1 and closed  Continue Reading…

Posted December 8th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 8th December 2010

EURO/GBP – 1.1894 Sterling hit the highest level against the US dollar for 2 weeks yesterday as better than expected UK manufacturing figures and a strong GDP estimate helped point towards a continued economic recovery. Manufacturing figures showed that output rose by 0.6% in October – double what was expected. In addition, data from the  Continue Reading…

Posted December 7th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 7th December 2010

EURO/GBP – 1.1803 Sterling gained against a broadly weaker euro yesterday as investors focused on Euro zone debt woes with a meeting of European finance ministers taking place throughout the day. With sterling taking a back foot ahead of another meeting later today, in which ministers are expected to formally approve the Irish bailout plan,  Continue Reading…

Posted December 6th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 6th December 2010

EURO/GBP – 1.1802 Sterling rose against the US dollar on Friday afternoon after poor US employment figures saw the US currency weaken across the board. There were some concerns amongst investors over the UK banking sector’s exposure to the euro zone, but this is likely to be more of a story in the New Year.  Continue Reading…

Posted December 2nd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 2nd December 2010

EURO/GBP – 1.1871 Sterling slipped against a slightly stronger euro yesterday after investors held back on selling the single currency ahead of today’s European Central Bank interest rate policy meeting. Earlier in the day, sterling stopped just shy of the €1.20/£1 mark, hitting €1.1995/£1 as purchasing manager data for the UK manufacturing sector came in  Continue Reading…

Posted December 1st, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 1st December 2010

EURO/GBP – 1.1951 Sterling climbed against the euro yesterday as concerns over sovereign debt in the euro zone continued to hamper the single currency. As a result, sterling broke the €1.19/ £1 barrier for the first time in around 2 months. The risk aversion that saw investors pull out of the single currency and into  Continue Reading…

Posted November 30th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 30th November 2010

EURO/GBP – 1.1859 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  Continue Reading…

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