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Posted February 28th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 28th February 2011

EURO/GBP - 1.1707

Sterling fell on Friday as data showed that the UK economy contracted by more than had initially been anticipated for the 4th Quarter of 2010. The 2nd estimate showed a contraction of 0.6% against the previous estimate of 0.5%. As a result, sterling slumped to a 3 week low against the euro and dropped against the US dollar. The correction left many analysts questioning whether interest rates would now be increased, but there is still an expectation that rates will be hiked by 0.25% before June. This should see sterling remain above or around $1.60 against the US dollar, but further negative data will have an impact and knock sterling. It is a quiet day for data today, but later in the week we have house price data and a wide array of PMI purchasing manager data which will give an idea of activity in the services, manufacturing and construction sectors so call in now for a live exchange rate.

In the euro zone, it seems that with all the focus the Middle East and North Africa, many have forgotten about the euro zone debt crisis. European leaders have been unable to find a solution still but talk of inflation and interest rates has kept the frenzied bond selling at bay for a few months. It is a big week in the region though, with the European Central Bank rate decision on Thursday and a number of bond auctions throughout the week which could cause the markets to remember all their concerns over peripheral European debt. 

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Posted February 25th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 25th February 2011

EURO/GBP - 1.1666 Sterling fell across the board on Thursday as a spike in oil prices saw investors look to safer haven currencies on concerns over the global recovery. As a result, sterling slipped to a 3 week low against the euro and dropped off Wednesday’s 3 week high against the US dollar. The pound was  Continue Reading…

Posted February 24th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 24th February 2011

EURO/GBP - 1.1776 Sterling gained against the euro and US dollar yesterday as another member of the Bank of England’s monetary policy committee voted for an interest rate hike. Sterling hit a high of $1.6272/£1 – the highest since Feb 3rd – after Bank of England Chief Economist Spencer Dale joined Martin Weale and Andrew Sentance  Continue Reading…

Posted February 23rd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 23rd February 2011

EURO/GBP - 1.1804 Sterling slipped against the ‘safer haven’ currencies yesterday as escalating tension in the Middle East and North Africa saw investors scale back holdings in riskier currencies. This saw sterling slip against the US dollar, Swiss franc and Japanese yen. The only real domestic news that caused any movement was speculation over the Bank  Continue Reading…

Posted February 22nd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 22nd February 2011

EURO/GBP - 1.1920 Sterling hit a high of $1.6260/£1 yesterday, but struggled to push much higher as investors took profit from sterling’s recent run against the US dollar. Positive comments from a key Bank of England policymaker helped support sterling, as Martin Weale (who voted for an interest rate hike last month) stated that a small  Continue Reading…

Posted February 21st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 21st February 2011

EURO/GBP - 1.1861 Sterling hit a 2 week high against the US dollar on Friday as retail sales in January came in far higher than expectations. After a disappointing Christmas period, and with January retail sales normally coming in lower, the rise of 1.9% encouraged investors to back the pound. Sterling’s fortunes are very much linked  Continue Reading…

Posted February 18th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 18th February 2011

EURO/GBP - 1.1930 The rollercoaster ride for sterling continued yesterday, as a speech by Bank of England policymaker Andrew Sentance reignited speculation over interest rate hikes. As a result, sterling strengthened back up against the US dollar and euro. Sentance, who has been calling for an interest rate hike since June 2010, made it clear that  Continue Reading…

Posted February 17th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 17th February 2011

EURO/GBP - 1.1930 Sterling strengthened against both the US dollar and euro yesterday following another jump in consumer price inflation in the UK. The figures showed that inflation hit 4% – up from 3.7% in December – giving rise to more and more speculation over interest rate hikes over the coming months. Financial markets had been  Continue Reading…

Posted February 16th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 16th February 2011

EURO/GBP - 1.1930 Sterling strengthened against both the US dollar and euro yesterday following another jump in consumer price inflation in the UK. The figures showed that inflation hit 4% – up from 3.7% in December – giving rise to more and more speculation over interest rate hikes over the coming months. Financial markets had been  Continue Reading…

Posted February 15th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 15th February 2011

EURO/GBP - 1.1886 Sterling was firm yesterday ahead of a big day of data releases in both the UK and euro zone. We have UK consumer inflation, euro zone GDP and US manufacturing data. In the UK, inflation is expected to break the 4% barrier – up from 3.7% in December. What is uncertain though, is  Continue Reading…

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