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Posted January 31st, 2013 by Charles Purdy

US growth stumbles, will this help sterling? | Smart Daily Currency Note

GBP/EUR – 1.1670

Sterling had a mixed day yesterday amid a number of positive developments released from the UK; but, still fell to 1.1630 against the euro at one stage. Mortgage approvals increased by more than forecast to the highest level since January 2012 showing that Bank of England scheme may have started to boost the "flow of credit" and support to the economy. Net Consumer Credit also expanded over the December period which was the largest advance in two years. The recent statements from the incoming Bank of England Governor implies there is scope to do more to support the economy with different types of stimulus and this is keeping sterling pressured, in addition to the uncertainty of Britain staying in the European Union. Today is a quiet one for data out of the UK, all eyes are will be on Fridays release of Manufacturing data. Markets will look elsewhere for influence today however, so call in now for the latest news and updates.

The euro continued to strengthen yesterday, reaching 1.1630 against sterling and 1.3570 against the US dollar at one stage. With the ECB being less inclined to ease monetary policy when compared to other central banks such as the Bank of Japan and the Bank of England, it is looking that the euro is set to continue on this rally. However, with the large selection of data set to be released within the Euro zone today, the euro’s course may possible change. The most influential data coming out today is the Italian 10 year bond auction and the Spanish GDP data. Furthermore, Germany’s president is also set to talk upon the  automotive industry early this afternoon. Call in now to discuss the state of the euro and for a live market quote from your trader.

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Posted January 30th, 2013 by Charles Purdy

Respite for sterling, will it be all too brief? | Smart Daily Currency Note

GBP/EUR – 1.1656 Yesterday proved to be a stronger day for sterling than we have seen recently, managing to halt its continued declines versus many of its major trading peers. News that one of the Bank of England’s policy makers suggested that the UK’s economic growth is likely to grow between 2 to 2.5 per  Continue Reading…

Posted January 29th, 2013 by Charles Purdy

No respite for sterling as it continues to weaken | Smart Daily Currency Note

GBP/EUR – 1.1688 It was once more a disappointing day for sterling yesterday, continuing its dramatic decline of last week versus its major trading partners.  Over the weekend, the incoming Bank of England Governor stated that he felt that there was room to look at further monetary easing if the UK’s economy continues to struggle  Continue Reading…

Posted January 28th, 2013 by Charles Purdy

Sterling still friendless, still losing ground | Smart Daily Currency Note

GBP/EUR – 1.1691 January, so far, has been a terrible month for sterling and with limited data out this week to reverse this trend it looks set to continue. It was, as many had anticipated, a difficult morning for sterling on Friday as worse than forecast GDP data saw the currency loose further ground against  Continue Reading…

Posted January 25th, 2013 by Charles Purdy

No respite and no support for sterling as it continues to weaken | Smart Daily Currency Note

GBP/EUR – 1.1764 A terrible start to 2013 for sterling losing five cents against both the euro and the US dollar. And this week saw this continue with sterling dropping below the 1.18 mark against the euro for the first time in 11 months, and falling to a five month low of 1.5750 against the  Continue Reading…

Posted January 24th, 2013 by Charles Purdy

A steady day for sterling yesterday | Smart Daily Currency Note

GBP/EUR – 1.1892 Surprisingly yesterday turned out to be somewhat of a muted day for sterling, despite the release of key unemployment data and David Cameron’s much anticipated press speech regarding the UK’s current stance on EU membership. As had been widely expected, Cameron outlined his stance on a potential referendum in 2017, however support  Continue Reading…

Posted January 23rd, 2013 by Charles Purdy

At best a steady day for sterling | Smart Daily Currency Note

GBP/EUR – 1.1896 Sterling had a mixed day yesterday. It dropped below 1.1850 against the euro for the first time since February 2012 in the early morning but rallied throughout the day regaining most of the losses. It was the same story as the last few days as very poor manufacturing data continued to weigh  Continue Reading…

Posted January 22nd, 2013 by Charles Purdy

Sterling drops below 1.19 aginst the euro | Smart Daily Currency Note

GBP/EUR – 1.1856 It was very much a mixed day for sterling yesterday, remaining distinctly range bound versus its major peers in the morning, before continuing last week’s trend and losing further ground later on in the day. Ever increasing speculation that the impending Monetary Policy Committee meeting minutes will reveal increased expectation of fourth-quarter  Continue Reading…

Posted January 21st, 2013 by Charles Purdy

No mates sterling continues to fall | Smart Daily Currency Note

GBP/EUR – 1.1914 It was once more a disappointing day for sterling on Friday, losing further ground against most major currencies as weaker than forecast key retail sales data heaped further pressure on the already fragile UK economy. One of the biggest moves of the day came against the US dollar, where sterling fell to  Continue Reading…

Posted January 18th, 2013 by Charles Purdy

Smart Daily Currency Note | Sterling below 1.20 against the euro

GBP/EUR – 1.1930 Yesterday proved once more to be a disappointing day for sterling as it crashed through the 1.20 level against the euro and continued to lose further ground versus its major peers. The damage of an increasingly pessimistic outlook for the UK economy further dampened demand for the British currency, whilst traders had  Continue Reading…

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