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Posted November 30th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 30th November 2011

EURO/GBP - 1.1701 

Sterling stayed firm against the US dollar and strengthened above €1.17/£1 against the euro despite a particularly downbeat statement by the Chancellor in his autumn statement to parliament. Growth forecasts for 2012 were downgraded to 0.7% from an estimated 2.5% in March and the Office of Budget Responsibility expects the economy to contract by 0.1% in the 4th Quarter of this year. Poor data in past weeks has also cemented the gloomy outlook for the economy with retail sales dropping by the highest level for 2 ½ years in October as consumers cut back on spending with inflation holding at more than 5%.  Sterling recovered as most of the bad news was factored into the exchange rates. Call in now for a live exchange rate.

In the euro zone, the euro rose for a second day against the US dollar as there was speculation that the European Central Bank may lend money to the IMF in order to help Italy cope with the debt crisis. Italy’s borrowing costs have sky rocketed as investors have deserted the country in the wake of the recent crisis and left it having to pay more and more to borrow. Market sentiment yesterday seemed to suggest that European policymakers are taking action on the crisis, which helped support the euro. 

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Posted November 29th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 29th November 2011

EURO/GBP - 1.1621 Sterling recovered from a 7 week low against the US dollar on Monday as risk appetite improved across global markets. Rumours that European leaders were pushing towards more radical action on the euro zone crisis sparked by reports that the IMF was preparing an aid package for Italy saw a surge in demand  Continue Reading…

Posted November 28th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 28th November 2011

EURO/GBP - 1.1637  Sterling strengthened from a 7 week low against the US dollar last week as risk appetite improved on Friday. Sterling held its ground against the euro as well. The big event of the coming week is set to be the Chancellor’s autumn statement, released tomorrow. We are likely to see George Osborne reaffirm  Continue Reading…

Posted November 23rd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 23rd November 2011

EURO/GBP - 1.1580 Important notice: Thursday is Thanksgiving (a public holiday) in the USA and as a result, US dollar payments will be delayed by one day as US routing banks will be shut. Please allow an extra day if you are paying suppliers in US dollars. Sterling fell to a 6 week low against the  Continue Reading…

Posted November 22nd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 22nd November 2011

EURO/GBP - 1.1580 Sterling fell to the lowest level against the US dollar for 6 weeks yesterday as investors moved away from riskier assets, but sterling remained supported against the euro given concerns over euro zone stability. With a fragile UK economy and the Bank of England’s minutes release tomorrow that are expected to show the  Continue Reading…

Posted November 21st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 21st November 2011

EURO/GBP - 1.1654 Sterling strengthened against the US dollar on Friday as investors who had placed bets against sterling reversed them ahead of the weekend. In addition, there was speculation that the ECB would start lending to the IMF in order to bail out troubled European countries. Sterling slipped slightly against the euro as a result,  Continue Reading…

Posted November 18th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 18th November 2011

EURO/GBP – 1.1697 Sterling strengthened yesterday after stronger than expected retail sales figures provided some rare positive news on the UK economy. Figures showed that retail sales increased by 0.6% in October – beating expectations for a fall. Despite this rare piece of good news, many analysts feel there are still significant risks facing the  Continue Reading…

Posted November 17th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 17th November 2011

EURO/GBP - 1.1676 UK unemployment continues to grow hitting 17 year highs as the private sector is unable to take up the slack from those being made unemployed in the public sector. Unemployment for the under 25’s is over 20%. We also had yesterday the Bank of England forecasts for the UK economy which reduced growth  Continue Reading…

Posted November 16th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 16th November 2011

EURO/GBP - 1.1684 UK inflation data for October fell by 0.2% from the previous month. Trouble is at 5% it is still way above the Bank of England’s target rate of 2%. Expectation is that it will fall in the new year as last January’s VAT increases flow through. Problems in the euro bond market continue  Continue Reading…

Posted November 15th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 15th November 2011

EURO/GBP - 1.1701 Sterling fell against the US dollar on Monday, mirroring the euro’s drop against the US currency as concerns over the euro zone’s huge debt problems continued to concern investors globally. Sterling – whilst a preferred option to the euro – is still seen as a riskier investment given the likelihood of further quantitative  Continue Reading…

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