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Posted September 28th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 28th September 2012

GBP/EUR – 1.2572

Sterling performed fairly well this week rising to a 3 week high against the euro whilst staying fairly range bound against the US dollar as shifts in risk sentiment due to developments in Europe drove the market. The main data out of the UK this week was the final GDP figures for the second quarter which was revised up to -0.4% from -0.5% providing some relief albeit the figure still confirms that the UK remains in recession. More positive data was released showing that the number of new mortgage approvals was increasing by more than anticipated whilst the Confederation of British Industry (CBI) revealed that the volume of sales had increased by more than expected from last month. There is very little data out of the UK today and the key focus will remain Europe as the markets attempt to digest the Spanish budget and second guess when and if Spain will request for a full sovereign bailout. The potential for a lot of volatility remains so please call in now for the latest news and rates.

The euro had a positive start to the week as the markets hoped a Spanish bailout request was nearing and at the same time one of the members of the ECB all but ruled out an interest rate cut at the central banks next meeting. This positivity did not last as the Spanish government stated that it will put off requesting for a bailout until absolutely necessary which saw yields on Spanish ten year bonds rising back above the 6% level. Violent protests broke out in Greece during the 24 hours general strike which took place in the face of the increased austerity measures that are expected to be announced shortly. Inflation data, French consumer spending and German retail sales data will all be released on what is a busy day today in Europe. However developments in Spain and Greece will play the biggest role on the euro’s relative strength. Call in now for the latest update and rates.

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Posted September 27th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 27th September 2012

GBP/EUR – 1.2563 Sterling performed relatively well yesterday but struggled against the US dollar and Japanese yen as risk aversion was the main driver in the market. On the data front, the Confederation of British Industry (CBI) revealed that the volume of sales had increased by more than expected from last month, but, the reaction  Continue Reading…

Posted September 26th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 26th September 2012

GBP/EUR – 1.2559 Sterling had a positive start to Tuesday, but, struggled in the afternoon as risk appetite drove the market and the global focus remained on Europe. This was in spite of data revealing the number of new mortgage approvals increasing by more than anticipated.. Out today, an index from the Confederation of British  Continue Reading…

Posted September 25th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 25th September 2012

GBP/EUR – 1.2581 Sterling strengthened to a 2 week high against the euro as concerns about the single currency and the global economy at large drove the market. Similarly, sterling weakened against the US dollar and Japanese yen as investors sought safer havens for their money. Out today, figures showing the number of new mortgages  Continue Reading…

Posted September 24th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 24th September 2012

GBP/EUR – 1.2534 Sterling briefly touched a one year high of 1.63 against the US dollar on Friday, but, struggled to break through this resistance level. Last time the markets reached these levels in April we saw the market snap back aggressively with sterling weakening off by ten cents in less than two months. We  Continue Reading…

Posted September 21st, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 21st September 2012

GBP/EUR – 1.2511 Sterling had a mixed week recovering from its 2 month low against the euro at the start of the week and holding its own against the US dollar during the course of the week. The Bank of England’s latest meeting minutes revealed that whilst no further quantitative easing was introduced in September’s  Continue Reading…

Posted September 20th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 20th September 2012

GBP/EUR – 1.2453 Sterling had a poor day yesterday following the release of the Bank of England’s latest meeting minutes which highlighted the fact that whilst no further quantitative easing was introduced in September’s meeting, there is the potential for additional stimulus if the economy continues to struggle. As expected though, the Bank of England’s  Continue Reading…

Posted September 19th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 19th September 2012

GBP/EUR – 1.2447 Sterling had a mixed day yesterday strengthening against the euro whilst trading flat against the US dollar as inflation data in the UK headlined by the Consumer Price Index (CPI) came in pretty much as expected. This comforted the market as it indicated that inflation was being contained even though the money  Continue Reading…

Posted September 18th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 18th September 2012

GBP/EUR – 1.2409 Sterling was one of the best performing currencies yesterday, steadily recovering from its 2 month low versus the euro on Friday and reaching fresh highs of 1.6270 against the US dollar. This favourable movement for sterling came despite house pricing data being released which showed the average price of homes for sale  Continue Reading…

Posted September 17th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 17th September 2012

GBP/EUR – 1.2363 On Friday risk sentiment remained largely unchanged and sterling continued to follow its weekly trend weakening against the euro, dropping as low as 1.2325 at one stage, and strengthening against the US dollar peaking at 1.6250. This week the main release will be the Monetary Policy Committee (MPC) meeting minutes on Wednesday  Continue Reading…

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