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Posted January 31st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 31st January 2011

EURO/GBP - 1.1649

Sterling steadied against the euro at the end of a turbulent week for the UK economy and sterling’s prospects. Shocking GDP figures on Tuesday drastically altered market expectations for an interest rate hike by the Bank of England as the data showed that the economy contracted by 0.5% in the last 3 months of 2010. However, Wednesday’s Bank of England minutes showed that another member of the committee voted for a 0.25% interest rate hike which saw market anticipation for an interest rate hike creep back in. Prospects for a UK recovery were dented further on Friday when a survey showed that consumer confidence dropped to the lowest level in 22 months as the VAT rise and spending cuts loomed. This week sees important house price and manufacturing data so call in now for a live exchange rate.

In the euro zone, the euro slipped by 1% against the Japanese yen and the Swiss franc as risk aversion boosted demand for the traditionally safe haven currencies of Japan and Switzerland. The developing situation in Egypt left investors concerned over the general situation in North Africa and the Middle East. With Egypt seen as a pivot point for stability in the region, financial markets will keep a very close eye on things. This week sees a wide array of data including the European Central Bank’s interest rate decision and press conference.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website

 

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Posted January 28th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 28th January 2011

EURO/GBP - 1.1583 Sterling gained against the US dollar yesterday as the currency continued to gain support following Wednesday’s Bank of England minutes, hitting a daily high of $1.5991/£1 – just shy of the $1.60/£1 mark. Sterling’s support came from the fact that committee member Martin Weale joined Andrew Sentance in calling for a 0.25% rate  Continue Reading…

Posted January 27th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 27th January 2011

EURO/GBP - 1.1640 Sterling staged a muted recovery yesterday following Tuesday’s shock GDP figures, finishing the day up 0.55% against the euro and 0.3% against the US dollar. Sterling saw the recovery after the Bank of England minutes showed that another member of the committee had unexpectedly joined Andrew Sentance in calling for a 0.25% rate  Continue Reading…

Posted January 26th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 26th January 2011

EURO/GBP - 1.1540 Sterling plummeted yesterday – dropping by 1.3% against the US dollar and 1.1% against the euro – as 4th Quarter GDP showed that the UK economy contracted by 0.5% in the last 3 months of 2010. Markets were expecting December’s poor weather to have an impact with analysts expecting a 0.5% gain, but  Continue Reading…

Posted January 25th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 25th January 2011

EURO/GBP - 1.1672 Sterling fell against the US dollar and euro yesterday as investors took profits following last week’s highs. Last week was a bumper week for the pound as inflation figures heightened expectations of an earlier than expected interest rate hike by the Bank of England. However, negative comments from Adam Posen on Friday and  Continue Reading…

Posted January 24th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 24th January 2011

EURO/GBP - 1.1741 Sterling finished slightly stronger against the US dollar on Friday after following the euro higher against the US currency. It was a volatile week for sterling after much higher than expected interest rates heightened expectations for a sooner than anticipated hike in UK interest rates. This saw sterling hit a high of $1.6060/£1,  Continue Reading…

Posted January 21st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 21st January 2011

EURO/GBP - 1.1745 Sterling has struggled yesterday as a survey by the Confederation of British Industry unexpectedly showed that orders dropped in January. Wednesday’s unemployment figures showed that 2.5m people are out of work (the highest since last spring) and the number of 16-24 yr olds out of work is at a record high of 951,000.  Continue Reading…

Posted January 20th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 20th January 2011

EURO/GBP - 1.1867  Sterling slipped yesterday against the euro and US dollar dropping from the highs seen on Tuesday after UK inflation came in much higher than expected. Jobless claims dropped by 4,100 in December against an expected rise of 1,500 but analysts were very weary of a poor labour market in the next few months  Continue Reading…

Posted January 19th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 19th January 2011

EURO/GBP - 1.1901 Sterling surged to an 8 week high of $1.6060/£1 against the US dollar and came within touching distance of €1.20/£1 yesterday after December’s Consumer Price Inflation (CPI) data came in much higher than was initially expected. Higher oil prices drove CPI to an 8-month high of 3.7% analysts expecting around 3.3%. This yet  Continue Reading…

Posted January 18th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 18th January 2011

EURO/GBP - 1.1960 Sterling jumped to an 8 week high against the US dollar and moved up against the euro after speculation that the Bank of England could raise interest rates as early as May. Sterling hit $1.5953/£1 and €1.1974/£1 as traders speculated that tomorrow’s Consumer Price Inflation could show inflation close to 4% – 2%  Continue Reading…

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