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Posted November 30th, 2012 by Charles Purdy

Smart Currency Rates and Comments 30th November 2012 – Euro getting stronger, call Smart to get the latest news

This week                 (Last week)
GBP/EUR – 1.2328    (GBP/EUR – 1.2362 )

Increased risk appetite seems to have driven the market over the last 24 hours as we have seen sterling weaken towards 1.23 against the euro and push over 1.60 against the US dollar. Over the course of the week, sterling has some ups and downs as the global focus on the situation with Greece and the looming fiscal cliff in the US has led to market uncertainty and volatility. The main news from the UK was the surprise decision that the Governor of the Bank of Canada Mark Carney would be taking over from Mervyn King in July 2013 as the Governor of the Bank of England. The revised GDP data released confirmed that the UK’s economy has excited the double-dip recession, with the revised figures matching the preliminary data showing GDP increased by 1% in the third quarter and this helped sterling to strengthen. Please call in to get a detailed update from your trader.

The main news out of Europe this week was that the European finance ministers had agreed to give Greece the next of its bailout to the tune of €44 billion. In addition they agreed to ease the strict measures that were in place, effectively removing €40 billion pounds worth of debt. The markets produced a muted response as traders were left unimpressed by the actions taken at the Eurogroup meetings and worries spread surrounding how a deal on Greece is going to be implemented, as well as requiring further assistance beyond the new aid package. However on Thursday we saw increased risk appetite which helped support the euro even though the German unemployment data released, although in line with expectations, showed that it continued to increase. The President of the ECB is speaking today and a data showing the region wide rate of unemployment will also be released. Call in now to see how this affects the market.

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Posted November 29th, 2012 by Charles Purdy

Smart Currency Rates and Comments 29th November 2012 – Sterling in the doldrums

GBP/EUR – 1.2361 Sterling struggled yesterday against the higher yielding currencies whilst staying relatively range bound against the US dollar and the euro.  Yesterday, one of the members of the Bank of England suggested that the central bank had not ruled out an increase in quantitative easing if it was necessary to boost the UK’s  Continue Reading…

Posted November 28th, 2012 by Charles Purdy

Smart Currency Rates and Comments 28th November 2012 – Euro zone debt worries still to the fore

GBP/EUR – 1.2382 Yesterday showed that sometimes it is better to travel than arrive. Agreement was finally reached on releasing the next round of Greek bailout funds of €44 billion but the effect on the euro was somewhat muted. In fact sterling performed better against most of the other major currencies yesterday even recovering back  Continue Reading…

Posted November 27th, 2012 by Charles Purdy

Smart Currency Rates and Comments 27th November 2012 | A good day for Greece, will it be good for the euro?

GBP/EUR – 1.2346 Sterling weakened slightly yesterday, slipping to 1.2330 against the euro before recovering in the afternoon and remaining relatively range bound against the majority of currencies, although, following the overnight decision to release the bailout funds to Greece we have seen the US dollar weaken on increased risk appetite. The main announcement from  Continue Reading…

Posted November 26th, 2012 by Charles Purdy

Smart Currency Rates and Comments 26th November 2012 | Will the euro stay in the ascendancy?

GBP/EUR – 1.2347 Sterling had a mixed day on Friday. It strengthened against the US dollar but weakened against the euro and commodity backed currencies as risk appetite drove the market. At one stage sterling even pushed down to 1.233 against the euro and with the possibility of further weakness we could see a push  Continue Reading…

Posted November 23rd, 2012 by Charles Purdy

Smart Currency Rates and Comments 23rd November 2012 – Sterling under pressure against the euro

GBP/EUR – 1.2362 Sterling fell to a near four week low against the euro yesterday weakening below the key 1.24 level. This followed a report from the Confederation of British Industry (CBI) which stated that the manufacturing sector has continued to underperform and was at the lowest level for 10 months. The Monetary Policy Committee  Continue Reading…

Posted November 22nd, 2012 by Charles Purdy

Smart Currency Rates and Comments 22nd November 2012 – Thanksgiving today so Europe will remain the focus

GBP/EUR – 1.2422 Sterling had a mixed day, with volatility high in the early hours of the morning with the Eurogroup meeting dragging on, and no distinct resolution to the Greek situation forthcoming.  The Monetary Policy Committee meeting minutes surprised some economists as the members voted 8-1 against an increase in quantitative easing with one  Continue Reading…

Posted November 21st, 2012 by Charles Purdy

Smart Currency Rates and Comments 21st November 2012 – A Greek tragedy in the making? Hopefully not…

GBP/EUR – 1.2461 Sterling gained ground this morning against the euro following the inability overnight of the Eurogroup to agree on Greece’s debt reduction programme. Truly remarkable how politicians can prevaricate while business confidence seeps away. Today’s Monetary Policy Committee meeting minutes will be the main release and whilst most economists are forecasting that there  Continue Reading…

Posted November 20th, 2012 by Charles Purdy

Smart Currency Rates and Comments 20th November 2012 – A period of relative calm for sterling, will it last?

GBP/EUR – 1.2429 Sterling struggled yesterday in the absence of any significant UK data being released, weakening off against the majority of currencies as risk appetite became the main driving force in the market. It is another quiet day for data in the UK today. The global focus will be firmly on the Eurogroup meeting  Continue Reading…

Posted November 16th, 2012 by Charles Purdy

Smart Currency Rates and Comments 16th November 2012 – Not a great week for sterling

GBP/EUR – 1.2452 Sterling performed relatively well against the majority of currencies on Friday, helping to erase some of the losses seen earlier in the week. Growing speculation that the Bank of England is likely to increase quantitative easing to help boost the economy had seen sterling fall against the euro and US dollar throughout  Continue Reading…

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