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Posted October 17th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 17th October 2011

EURO/GBP - 1.1381

Sterling hit a one month high on Friday against the US dollar after stronger than expected US retail sales figures helped to boost global risk appetite. Sterling closed the week up by over 1.5% against the US dollar as investors pulled back bets against the pound, but the UK economy remains vulnerable. Growth is weak, public finances are still in a poor state and there is a large exposure to the euro zone which could have a large impact. One group of forecasters downgraded their expectations of UK growth to a mere 0.9% for 2011. It is a relatively quiet day for economic data, but later this week we have the Bank of England’s minutes from the recent meeting where they increased Quantitative Easing by £75bn.

In the euro zone, the euro has started relatively stronger this week after strong US retail sales data on Friday and positive comments from the G20 meeting over the weekend. The finance ministers pledged to ensure that banks were adequately capitalised and called for a comprehensive solution to the crisis to be announced at next week’s EU summit. In terms of data, there is construction activity data later in the week so call in now for a live exchange rate. 

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Posted October 14th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 14th October 2011

EURO/GBP – 1.1432  Sterling fell against the US dollar yesterday, tracking weakness in the euro and as concerns over the UK economy’s fragility impacted on sterling’s prospects. Last week’s shock move by the Bank of England to pump an additional £75bn into the UK economy through a second round of Quantitative Easing has also not  Continue Reading…

Posted October 13th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 13th October 2011

EURO/GBP - 1.1403 Sterling hit a 4 week high against the US dollar yesterday, falling just short of $1.58/£1 but closing the day up by over 1%. Sterling shrugged off figures that showed the highest level of unemployment since 1994 as investors seemingly reversed excessively short positions against the pound i.e. bought back sterling after betting  Continue Reading…

Posted October 12th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 12th October 2011

EURO/GBP - 1.1418 Sterling slipped against the US dollar yesterday after investors took profits from several days of gains and mixed data failed to stop concerns over poor UK economic data. An estimate of UK growth data for August showed industrial output exceeding expectations with a 0.2% increase but manufacturing growth showing a 0.3% contraction. Furthermore,  Continue Reading…

Posted October 11th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 11th October 2011

EURO/GBP - 1.1454 Sterling fell dramatically against a much stronger euro yesterday as France and Germany announced a new plan to recapitalise European banks. Sterling made gains against the US dollar as a fresh wave of risk appetite saw investors reverse ‘safe haven’ positions in the US dollar. The lack of UK data meant that sterling’s  Continue Reading…

Posted October 10th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 10th October 2011

EURO/GBP - 1.1530 Sterling recovered on Friday against the US dollar as investors took profits from short selling the pound following the Bank of England’s announcement on Thursday. In addition, better than expected US employment figures also helped give sterling a boost due to improved risk appetite. Some had been expecting sterling to suffer after credit  Continue Reading…

Posted October 7th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 7th October 2011

EURO/GBP – 1.1540 Sterling fell to the lowest level against the US dollar for 14 months yesterday, hitting $1.5270/£1 against the US currency after the Bank of England surprised investors by announcing an additional £75bn of Quantitative Easing to help jump start economic growth. The scale of the additional QE was unexpected and highlighted the  Continue Reading…

Posted October 6th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 6th October 2011

EURO/GBP - 1.1552 Sterling slipped against the euro and US dollar yesterday after a mixed day of data left investors uncertain over the UK’s economic outlook ahead of this month’s Bank of England meeting later this morning. Early yesterday morning, final UK growth figures for the 2nd Quarter of 2011 were revised downwards to show a  Continue Reading…

Posted October 5th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 5th October 2011

EURO/GBP - 1.1578 Sterling fell towards the lowest level against the US dollar for over a year yesterday as poor construction data saw investors drop the pound on fears of further Quantitative Easing. Construction activity came in worse than expected, showing the worst figures for 10 months. Any negative data has impacted on sterling as it  Continue Reading…

Posted October 4th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 4th October 2011

EURO/GBP - 1.1682 Sterling fell against the US dollar yesterday, hitting a low of $1.5450/£1 as investors became increasingly convinced that the Bank of England is likely to announce some form of Quantitative Easing in Thursday’s monetary policy committee meeting. UK data surprised the markets, with manufacturing activity showing a marginal expansion against analyst expectations of  Continue Reading…

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