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Posted July 16th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 16th July 2012

EURO/GBP – 1.2712

This week we will see the release of a raft of UK economic data. Inflation data is released on Tuesday and the expectations are for it to be around the 2.8% level. Not quite the target rate as set by the Bank of England but a lot closer than a few months ago. Later in the week we also have retails sales data for June and the hope is for steady growth which should be achieved given that the Diamond Jubilee fell in this period. Toward the end of the week we have unemployment figures which are expected to show an unemployment rate of 8.2%, the same as last month. Not great but with given what is happening elsewhere probably okay in the eyes of the market. We also have the release of the minutes of the last Bank of England meeting. At the last meeting we had the increase in quantitative easing by £50 billion and it is thought all 9 members voted for this. It will be interesting to see if any members voted for a bigger increase. So after a week when there wasn’t much data released we have a very busy week and as such volatility could be high. Call in now for the latest news and the latest rate.

Will the euro garner any friends this week? Less economic data will be released than in the UK. Inflation is expected to stay at an annual rate of 2.4% and the trade balance is expected to improve slightly. However most eyes will continue to stay focused on the Euro zone debt crisis and the level of yields on Spanish and Italian government debt. The progress being made on the bank rescue package will also be scrutinized as timings and the lack of detail are of concern to the market. Also the on-going effect of the European Central Bank reduction in interest rates could be negative for the euro as investors move their funds elsewhere. So all in all it could be a lively week for the euro and best to call us asap to get an update and the latest rate.

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Posted July 13th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 13th July 2012

EURO/GBP 1.2646 Sterling held its own this week against most currencies and gained a little bit of ground against the euro. A quiet week on the UK economic data front with whatever data that was released being in line with expectations. In fact it was what was happening elsewhere that had a greater influence on  Continue Reading…

Posted July 12th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 12th July 2012

EURO/GBP – 1.2648 Steady day for sterling gaining a bit of ground against the euro and holding its own against the US$. No major economic news in the UK to influence matters from this end and it seems to be a case of watching what happens elsewhere especially in the euro zone. At one stage  Continue Reading…

Posted July 11th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 11th July 2012

EURO/GBP – 1.2606 Sterling gained some ground against the euro during the course of Tuesday and was fairly steady against other currencies. The trade deficit for May was slightly better than Aprils as exports grew by 6.6%. Not sure what the split is between price increases resulting from a stronger pound against the euro or  Continue Reading…

Posted July 10th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 10th July 2012

EURO/GBP – 1.2606 Steady for sterling with no news either here or elsewhere to move sterling one direction or the other. Today we have a raft of UK data released covering retail sales, industrial production and trade balances. Expectations are not high as business confidence continues to fall across the world. It is probably a  Continue Reading…

Posted July 9th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 9th July 2012

EURO/GBP – 1.2592 A mixed week for sterling last week and I suspect this week will be no different. Sterling gained ground against the euro pushing through the €1.26/£1 level on Friday, a rate last seen three and half years ago, as the European Central Bank reduced interest rates. Sterling lost ground against the US$  Continue Reading…

Posted July 6th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 6th July 2012

EURO/GBP 1.2536 Sterling had a mixed week rising to €1.255/£1 against the euro; but, dropping back down to US$1.550/£1 against the US dollar. The main reason for the loss of ground against the US$ was the Bank of England announcement that it will inject a further £50billion pounds into the economy though quantitative easing. A  Continue Reading…

Posted July 5th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 5th July 2012

EURO/GBP – 1.2448 Sterling had a poor day yesterday as the services Purchasing Managers’ Indices (PMI) figures released were worse than expected. The focus yesterday was on former Barclays boss Bob Diamond as he went before the Treasury Select Committee to explain the LIBOR fixing scandal that has shaken the already fragile financial sector. The  Continue Reading…

Posted July 4th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 4th July 2012

EURO/GBP – 1.2442 Sterling was fairly range bound yesterday against the euro and US dollar; but, was weak against the commodity backer currencies as construction Purchasing Managers’ Indices (PMI) released was much worse than expected. The data showed that the industry contracted in June when a slight expansion had been anticipated making it increasingly likely  Continue Reading…

Posted July 3rd, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 3rd July 2012

EURO/GBP – 1.2448 Sterling strengthened against the euro recovering from Fridays lows whilst remaining fairly range bound against the majority of other currencies as manufacturing Purchasing Managers’ Indices (PMI) figures released were better than expected showing less of a contraction than had initially been expected. UK construction PMI released today is expected to show that  Continue Reading…

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