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Posted January 7th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 7th January 2011

EURO/GBP - 1.1885

Sterling had a shaky start to the day yesterday, falling against the US dollar and euro following worse than expected data for UK services sector activity for December. However, sterling recovered from the early knee-jerk drop as the poor figures were attributed to the prolonged disruption that December’s snow caused in the UK. As a result analysts dismissed the figures (that showed service sector activity at the lowest since April 2009) as a seasonal anomaly due to winter weather. The UK is still in a very strong position moving forward especially against the euro – a fact demonstrated by the fact that sterling jumped 0.85% to €1.1899/£1 despite the day’s negative data as investors would rather hold sterling than euros. Out today, there is no real UK data released, so call in now for a live exchange rate – especially as there seems to be a steady exodus from holding the euro. 

In the euro zone, the problems persisted for the single currency, with the euro falling by 1% to a 5 week low of $1.3013/€1 against the US dollar following Wednesday’s better than expected US employment figures. The euro did see a brief boost following reports that China was looking to buy around €6bn of Spanish government debt, however the currency did not react at all to news that economic sentiment in the region jumped in December. There is a wide range of European data released today along with some important US figures, so make sure you protect yourself from any volatility by speaking to a member of the team sooner rather than later.

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