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Posted April 28th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 28th April 2011

EURO/GBP - 1.1252

Sterling surged overnight against the US dollar to hit $1.67/£1 as GDP figures for the 1st Quarter of 2011 revealed that the UK’s economy expanded by 0.5% – boosted by a surge in activity from the service industry – and markets reacted to Fed Chairman Ben Bernanke’s comments on US monetary policy. Sterling had fallen against both the euro and US dollar ahead of the results as many investors expected the figures to disappoint. Key sectors of the economy, such as manufacturing and services grew at a healthy pace, recording progress of 1.1 and 0.9 percent respectively. Business services and finance expanded by 1.0 percent, the best reading since 2007. Most BoE policymakers want to see a sustainable recovery before tightening monetary policy, meaning interest rates are likely to stay at record lows at least until July despite inflation running at twice the bank’s 2 percent target. Call in now for a live exchange rate.
 
In the euro zone, the euro strengthened against the US dollar after data showed that European industrial orders gained for a fifth consecutive month in February and the US dollar retreated ahead of the Federal Reserve’s interest rate meeting. Greek bond yields have soared this month on speculation that Athens may have to restructure its 327 billion euro (289.6 billion pound) sovereign debt by choosing one or more of several options: extending maturities, lowering interest rates, or cutting the principal. Call in now to ensure that you don’t lose out.

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Posted April 27th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 27th April 2011

EURO/GBP - 1.1210 Sterling fell against the euro yesterday, hit by broad euro strength and investor concern ahead of today’s GDP figures that are released at 9:30am. Last quarter’s GDP was a disappointment, and many analysts are not expecting GDP for the first quarter of 2011 to beat expectations. A weaker than expected growth figure would  Continue Reading…

Posted April 26th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 26th April 2011

EURO/GBP - 1.1310 Sterling finished last week strongly, hitting a 16 month high against the US dollar after UK retail sales gained more than had been expected. The figures were expected to show a 0.5% drop on the month, but came in showing a 0.2% increase which helped support the pound. Growth concerns still remain though,  Continue Reading…

Posted April 21st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 21st April 2011

EURO/GBP - 1.1274 Sterling weakened by 1% yesterday to against the euro after minutes from the Bank of England’s last meeting showed policymakers were concerned over economic growth, with no change in the voting pattern on last month. The committee voted 6-3 in favour of keeping rates on hold citing that data over the previous month  Continue Reading…

Posted April 20th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 20th April 2011

EURO/GBP - 1.1339 Sterling slipped marginally against the euro yesterday as traders adjusted positions ahead of the Easter break and the euro recovered from a 1% loss against sterling on Monday. The pound was up 0.3% against the US dollar as bets on an interest rate hike by the Bank of England were up ahead of  Continue Reading…

Posted April 19th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 19th April 2011

EURO/GBP - 1.1402 Sterling strengthened against both the euro and US dollar yesterday as a US credit rating outlook downgrade damaged the US dollar and fears over Greek sovereign debt hurt the euro. Sterling could remain under pressure though as markets push back expectations of a rate hike in the UK – there had been an  Continue Reading…

Posted April 18th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 18th April 2011

EURO/GBP - 1.1336 Sterling strengthened on Friday against the euro as the single currency was hurt by concerns over periphery debt, with suggestions that Greece would need to restructure its debt. The euro’s losses were limited, as expectations remained that the European Central Bank would keep raising interest rates at a faster rate than the UK.  Continue Reading…

Posted April 15th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 15th April 2011

             This week – (Last week) EURO/GBP 1.1289 - (EURO/GBP 1.1350) Difficult week for sterling. Following lower than expected inflation data sterling hit a five and half month low against the euro. The reason for the fall in inflation was food prices falling by 1.4% as the supermarkets came under pressure and reduced prices. Other data  Continue Reading…

Posted April 14th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 14th April 2011

EURO/GBP - 1.1265 Sterling fell to a 5 ½ month low against the euro yesterday as investors bet that UK interest rate rises would lag behind those in the euro zone. The pound was flat against the US dollar as a mixed set of unemployment figures failed to support the UK currency. Figures showed that the  Continue Reading…

Posted April 13th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 13th April 2011

EURO/GBP - 1.1223 Sterling hit a low of €1.1233/ £1 against the euro yesterday as inflation figures came in lower than expected which left investors questioning the prospects for an interest hike in the UK. This has widely been regarded as a positive though, as the UK needs inward investment from overseas in order to get  Continue Reading…

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