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Posted March 28th, 2013 by Charles Purdy

Cypriot banks reopen | Smart Daily Currency Note

This week                 (Last week)
GBP/EUR – 1.1838      (GBP/EUR – 1.1758)

Sterling had a good week against the euro, rising to a two month high of 1.1850 yesterday due to the shocking developments that have occurred in Cyprus over the past week and a half. Sterling did lose ground against the US dollar and struggled against a number of its other peers as several pieces of weak data were released and due to some analysts feeling that sterling had been “overbought” recently. The CBI’s sales report described flat trading volumes throughout March,  the number of new mortgages approved increased by less than expected and yesterday the current account figures showed the trade gap had widened yet again. Today sees the nationwide house price index release with a forecast of another rise of 0.2% and a report on consumer confidence. These will be closely watched this month due to the current situation in the country. There is bank holiday in UK tomorrow and on Monday which brings decreased liquidity to the markets and in turn can lead to over-exaggerated moves in the market. Get in touch today for an up to the second exchange rates and the latest news.

The short week this week has been dominated by a small island in the Mediterranean. Huge uncertainty has weighed on the euro, dragging it to well below 1.28 against the US dollar, and over 1.18 against the pound. Political gridlock in Italy compounded market nervousness leading to disappointing results at the Italian Bond Auction. The paradox for the euro as banks reopen in Cyprus today, is that a euro in a German account is worth more than one in a Cypriot one, while a euro in cash on Cyprus is worth more than anywhere else. Today we have German retail sales and unemployment data which traders will keep a close eye on due to Germanys status as the economic powerhouse of Europe. While capital flow controls will be implemented to stop all money being pulled out of Cyprus at once, over the long weekend we should see things balance out again. Get in touch now for the latest developments, and up to the second prices.

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Posted March 27th, 2013 by Charles Purdy

A quieter day for currencies | Smart Daily Currency Note

GBP/EUR – 1.1808 Sterling eased from close to a six week high against the euro and dropped against the US dollar yesterday, as a timely reminder to investors about Britain’s cloudy economic forecast came in the form of the CBI’s sales report. Indeed, the country’s flat retail sector had a noticeable effect with sterling dipping  Continue Reading…

Posted March 26th, 2013 by Charles Purdy

Cyprus unsettles the euro | Smart Daily Currency Note

GBP/EUR – 1.1793 Yesterday was a mixed day for sterling with gains on some fronts and losses on others. It made further gains against the euro, reaching a six week high of 1.1820 following comments from the head of the Eurogroup of Eurozone finance ministers who suggested that many countries needing a bail out would  Continue Reading…

Posted March 25th, 2013 by Charles Purdy

Cyprus back from the brink | Smart Daily Currency Note

GBP/EUR – 1.1714 Sterling had a mixed day on Friday, falling from its five week high against the euro, as an injection of confidence into the 17 nation currency came as a result of Cyprus moving closer to reaching a bailout agreement. It is a fairly quiet week on the data front in the UK  Continue Reading…

Posted March 22nd, 2013 by Charles Purdy

Sterling benefits from Cyprus uncertainty | Smart Daily Currency Note

GBP/EUR – 1.1758  Sterling has had a good week and for the second week in a row it is at a higher level against the euro and the US dollar than it was at the start. It made gains against the majority of its major counterparts including reaching a five week high of 1.1775 against  Continue Reading…

Posted March 21st, 2013 by Charles Purdy

A neutral UK budget helps sterling | Smart Daily Currency Note

GBP/EUR – 1.1696 In arguably the biggest sterling news day of the year we saw a one-and-a-half cent range for sterling as it reacted to the day’s events as they unfolded. Prior to the release of the minutes from this month’s Monetary Policy Committee (MPC) meeting  sterling weakened as there was a belief they would  Continue Reading…

Posted March 20th, 2013 by Charles Purdy

Cyprus, UK budget – a busy day for news | Smart Daily Currency Note

GBP/EUR – 1.1695 Sterling had a positive day yesterday, in particular against the euro– reaching 1.1750 before retracing as investors are treating sterling as a relative safe haven due to the uncertainty surrounding the events taking place in Cyprus. The inflation data released yesterday will disappoint consumers, showing a small increase to 2.8%, squeezing the  Continue Reading…

Posted March 19th, 2013 by Charles Purdy

Cyprus shows that politicians never learn | Smart Daily Currency Note

GBP/EUR – 1.1654 Sterling rose against all but three of its 16 major peers yesterday as risk aversion swept through the market. It strengthened the most against the euro reaching a five-week high after the proposed levy on bank deposits in Cyprus was announced. Today we will see a raft of inflation data out of  Continue Reading…

Posted March 18th, 2013 by Charles Purdy

Cyprus shockwaves undermine the Eurozone | Smart Daily Currency Note

GBP/EUR – 1.1658 Sterling performed relatively well on Friday following comments from the Governor of the Bank of England who said that the central bank is not actively trying to devalue sterling, furthermore stating that he does not think that it will drop much further. It is an extremely important week for sterling with two  Continue Reading…

Posted March 15th, 2013 by Charles Purdy

Is this a short term bounce for sterling? | Smart Daily Currency Note

GBP/EUR – 1.1608 I can’t remember when last I was able to write that sterling is at a higher level against both the euro and the US dollar than this time last week. However this was on the back of good US economic news rather than good UK economic news as sterling gained a cent  Continue Reading…

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