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Posted July 29th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 29th July 2011

EURO/GBP – 1.1421

Sterling strengthened against the euro yesterday, hitting a high of €1.1446/£1 on concerns over the sovereign debt crisis in Europe. However, data showed that British retail sales fell at their fastest pace in a year in July, with retailers expecting a further fall in August. It has been an interesting week in the UK. UK growth figures showed that the UK economy grew by a mere 0.2% in the previous quarter, however this was better than many expected so sterling actually gained against the euro and US dollar. The UK’s much maligned austerity measures actually helped make UK assets more attractive this week as the USA and Europe struggle with their respective debt burdens. Sterling may do quite well as a result… But maybe that’s just wishful thinking. Call in now for a live exchange rate.

In the euro zone, the euro weakened as European economic confidence fell and credit rating agency Standard & Poor’s cut Greece’s credit rating again stating that the country will now partially default. Despite last week’s euro rally after a second round bailout for the stricken country, lingering concerns remain this week – especially over Germany’s buy-in to the scheme. One politician questioned the ‘blank cheque’ that his country had written to the European rescue fund. An Italian bond auction on Thursday failed to attract much demand subsequently putting further pressure on the single currency. Out later today, there is European inflation data so call in now for a live exchange rate.

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Posted July 28th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 28th July 2011

EURO/GBP - 1.1368 Sterling slipped against the US dollar yesterday, falling off 2 month highs as data showed that UK factory orders declined more than estimated and manufacturer optimism dropped to the lowest level in 2 years. Sterling also fell against the euro as the figures boosted the case for the Bank of England to keep  Continue Reading…

Posted July 27th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 27th July 2011

EURO/GBP - 1.1318 Sterling hit a 6 week high yesterday against a broadly weaker US dollar after UK GDP figures came in higher than expected investors dumped the US currency over fears of a US default. Data released yesterday morning showed that the UK economy grew by a mere 0.2% between April and June as industrial  Continue Reading…

Posted July 26th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 26th July 2011

EURO/GBP - 1.1271 Sterling came off a five-week high against the US dollar yesterday, with investors wary of UK data activity showing lower than expected figures this week. Investors said that sterling was overvalued above $1.63/£1 against the US dollar – especially if today’s GDP figures disappoint as many expect. Some analysts compared moves between sterling,  Continue Reading…

Posted July 25th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 25th July 2011

EURO/GBP - 1.1344 Sterling performed well towards the end of last week against the US dollar as investors celebrated a second round bailout of Greece. The pound hit the highest levels against the US dollar since late May as investors backed the UK’s fiscal plan over Europe or the USA. Against the euro, sterling is held  Continue Reading…

Posted July 22nd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 22nd July 2011

EURO/GBP - 1.1306 Sterling hit a five-week high against the US dollar on Thursday as a draft conclusion was reached in Europe on the Greek debt crisis. This saw the euro rally against the US dollar and sterling followed the euro in gaining against the US currency. Sterling has tended to track US dollar gains against  Continue Reading…

Posted July 21st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 21st July 2011

EURO/GBP - 1.1336 Sterling had a steady day on Wednesday after the Bank of England’s meeting minutes were slightly less downbeat than had been expected. In contrast to last month, only one member discussed the potential need for further Quantitative Easing. MPC members again voted 7-2 in favour of keeping rates on hold at 0.5%. Sterling  Continue Reading…

Posted July 20th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 20th July 2011

EURO/GBP - 1.1339 Sterling gained against the US dollar on Tuesday boosted by a stock market recovery, but the pound’s progress against the euro was hampered by the UK’s exposure to the European debt crisis. UK banks have exposure totalling several billion euros, so naturally investors are concerned over the impact of an escalation of the  Continue Reading…

Posted July 19th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 19th July 2011

EURO/GBP - 1.1391 Sterling hit a one-and-a-half-month high against the euro on Monday, spurred on by moves away from the euro as euro zone finance ministers failed to find a solution to the region’s worsening debt crisis. Sterling fell just short of €1.15/£1, gaining significantly from the start of the month when it hit €1.11/£1 against  Continue Reading…

Posted July 18th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 18th July 2011

EURO/GBP - 1.1459 Sterling rose to a 1 ½ month high against the euro this morning, touching €1.1478/£1 as a lack of confidence in the euro saw it lose ground across the board. It was a quiet end to the week in terms of data for the UK, which meant that markets were squarely focussed on  Continue Reading…

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