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Posted December 24th, 2012 by Charles Purdy

Smart Daily Currency Note | A day of two halves for sterling at the end of last week

GBP/EUR – 1.2255

It was a day of two halves for sterling on Friday, remaining fairly range bound against most of its major peers until the early afternoon when increased levels of risk-aversion saw a significant shift in favour of the traditional safe haven currencies. Increasing concern that deficit-reduction talks are not doing enough to help stave off the current ‘fiscal cliff’ saw sterling lose substantial ground versus both the US dollar and Japanese yen; undoing much of its previous gains. News that GDP data had been revised down from 1 per cent to 0.9 per cent also helped contribute to sterling’s poor performance. Friday also saw the release of better than expected current account data, while Public Sector Net Borrowing came out worse than previously forecast. As would be expected, this week sees very little news coming out of the UK, so call in now to see if Christmas cheer can help lift sterling.

Euro stayed fairly range bound against sterling on Friday; but fell by 0.5% against the US dollar. Little data was released across Europe, although German Consumer confidence came out slightly worse than forecast. The deputy prime minister also stated that Spain will struggle to meet its 2012 deficit target with its shrinking economy limiting the impact of budget cuts causing concerns for the currency. This week is very quiet on the euro front with little data released however, we will see French consumer spending as well as an Italian 10 year bond auction at the end of the week. Call now for the latest live rates.

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