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Posted February 28th, 2013 by Charles Purdy

Markets calm, how long will it last? | Smart Daily Currency Note

GBP/EUR – 1.1533

Sterling, had a mixed day yesterday, starting off on the front foot by making gains against the majority of its trading partners before losing ground in the afternoon. Data released yesterday showed the first revision to the UK’s fourth quarter GDP figures which fleshed out the details of the 0.3% contraction seen during that period – with exports and imports both falling sharply. Sterling also enjoyed a temporary lift after one of Monetary Policy Committee (MPC) members from the Bank of England (BoE) quashed the idea of negative interest rates being introduced. With little data expected to be released from the UK today, the markets will most likely look elsewhere for influence. Call now for the latest updates on sterling.

Bond traders were clearly unfazed by news that the Italian comedian-turned-politician Beppe Grillo had rejected calls from the leader of the country’s democratic party to form a coalition majority, as Italy achieved its target in yesterday’s bond auctions. The euro was spurred by the news, as well as a report showing that economic confidence had improved last month, to gain against the dollar for the first day in three. Last night heard the President of the European Central Bank once again talking up the state of the Eurozone, saying that "we should build a strong and deep economic union in Europe"; whilst, at the same time stating that the ECB is far from exiting from stimulus measures. Today sees the release of both German and Eurozone Consumer Price Index data as well as consumer spending and employment releases, key fundamentals which will either support, or highlight the weakness in recent statements. Get in touch now for the latest news and rates.

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Posted February 27th, 2013 by Charles Purdy

The Italian elections continue to worry markets | Smart Daily Currency Note

GBP/EUR – 1.1532 Sterling had a mixed day yesterday – starting off on the front foot reaching highs of 1.1650 against the euro and 1.5220 against the US dollar before losing ground later in the day. Sterling struggled after one of the Monetary Policy Committee (MPC) members from the Bank of England (BoE) suggested he  Continue Reading…

Posted February 26th, 2013 by Charles Purdy

Hung parliament in Italy keeps the roller coaster going | Smart Daily Currency Note

GBP/EUR – 1.1628 Yesterday was not for the faint hearted as the currency markets twisted one way and then the other as the news flow gathered pace. Sterling was aggressively sold off in early trading yesterday, reaching a sixteen month low against the euro and a 2.5 year low against the US dollar following  Moody’s  Continue Reading…

Posted February 25th, 2013 by Charles Purdy

Sterling suffers from loss of UK’s AAA credit rating | Smart Daily Currency Note

GBP/EUR – 1.1446 Late on Friday, the UK lost its top credit rating from Moody’s, one of three credit rating agencies, who downgraded the UK debt by one grade to Aa1 from Aaa. This was not unexpected and is due to the bleak outlook for the nations growth and it was also noted by Moody’s  Continue Reading…

Posted February 22nd, 2013 by Charles Purdy

Another poor week for sterling, the US dollar is in the ascendancy | Smart Daily Currency Note

This week                 (Last week) GBP/EUR – 1.1555      (GBP/EUR – 1.1606) After another poor week for sterling dropping against all of its major counter parts and falling  at one stage to a 15 month low against the euro and an 30 month low against the US dollar. The Bank of England (BOE) minutes revealed that three  Continue Reading…

Posted February 21st, 2013 by Charles Purdy

Down, down, down for sterling | Smart Daily Currency Note

GBP/EUR – 1.1435 The bad news keep on coming as sterling fell sharply yesterday, dropping to a 15 month low against the euro and its lowest since June 2013 against the US dollar. This happened after the Bank of England (BOE) minutes showed that three members on the Monetary Policy Committee (MPC) voted for expanding  Continue Reading…

Posted February 20th, 2013 by Charles Purdy

Sterling stays under pressure | Smart Daily Currency Note

GBP/EUR – 1.1503 Yesterday sterling continued on its downward trend, weakening to a seven month low against the US dollar and pushing close to a thirteen month low against the euro, which we reached at the beginning of the month. Negative sterling sentiment continues to rise. Markets are waiting for this morning’s release of the  Continue Reading…

Posted February 19th, 2013 by Charles Purdy

Sterling still friendless | Smart Daily Currency Note

GBP/EUR – 1.1599 Yesterday was a poor day for sterling, we saw a sharp drop in the morning against most of its major peers – reaching a seven-month low against the US dollar. The Bank of England has if anything come the closest of all central banks to acknowledging that a weak pound is part  Continue Reading…

Posted February 18th, 2013 by Charles Purdy

US dollar strength expected to continue | Smart Daily Currency Note

GBP/EUR – 1.1599 Sterling performed relatively well on Friday, in spite of a sharp drop on very poor retail sales data released in the morning, it pared back all the losses to make gains across the board. The retails figures showed that the recent Christmas sales period was the second worst over the past fifteen  Continue Reading…

Posted February 15th, 2013 by Charles Purdy

Sterling continues to be the poor relation | Smart Daily Currency Note

GBP/EUR – 1.1606 After a stronger performance last week, sterling has struggled over the past few days – continuing on its recent run of form, weakening against the majority of its major trading partners including dropping to a fresh 6 month low against the US dollar. Sterling recovered slightly against the euro on Thursday following  Continue Reading…

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