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Posted March 14th, 2013 by Charles Purdy

Sterling gains slightly against the euro | Smart Daily Currency Note

GBP/EUR – 1.1522

Sterling finally enjoyed a little respite yesterday, notably gaining nearly a cent against the euro and trading back above the 1.15 mark for most of the day. The relief came after five days of negativity as markets began to view sterling as undervalued in light of speculation that next week’s budget will delay fiscal austerity measures. Today is once again quiet on the data front, but with markets and the news full of chatter about Mr Osborne’s budget next week we could see volatility nonetheless. With some analysts even citing 1.50 as a new high point for the US dollar rate, sterling is certainly not out of the woods yet. Get in touch for the latest news and up to the second rates.

The euro struggled yesterday, dropping across the board on the back of worse than expected industrial production figures, notably falling a cent against the US dollar to well below the 1.30 mark – a three month low. An unsuccessful Italian debt auction underlines the apparent instability in the region, and further weakened the single currency. Today is the first day of the EU economic summit, so we can expect some volatility as markets react to news, particularly after MEPs yesterday rejected the ground-breaking budget proposal spearheaded by David Cameron. Get in touch for up to the second rates, and breaking news from the summit.

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Posted March 13th, 2013 by Charles Purdy

Sterling continues to struggle | Smart Daily Currency Note

GBP/EUR – 1.1442 Sterling started Tuesday badly, weakening against the majority of its trading partners (falling to another yearly low against the US dollar and levels last seen in 2010), due to unexpectedly poor manufacturing and industrial output data showing further contraction. The trade deficit was narrower than expected but the house price balance declined.  Continue Reading…

Posted March 12th, 2013 by Charles Purdy

Sterling under pressure and no relief likely today | Smart Daily Currency Note

GBP/EUR – 1.1445 Yesterday came in two halves for sterling, with a strong dollar driving the US dollar rate down to levels not seen since the summer of 2010 in the morning, but recovering through the afternoon to undo most of the losses by the close of trading in London. Today sees the release of  Continue Reading…

Posted March 11th, 2013 by Charles Purdy

Sterling loses ground against the US dollar | Smart Daily Currency Note

GBP/EUR – 1.1476 Sterling continues to be one of the weakest currencies with little support from investors. Strong employment data from the States on Friday afternoon saw sterling rapidly lose over 1 cent , ending up close to 1.49. This week could well be a similar story, with little UK data being released that will  Continue Reading…

Posted March 8th, 2013 by Charles Purdy

A poor end to the week for sterling | Smart Daily Currency Note

This week                 (Last week) GBP/EUR – 1.1452      (GBP/EUR – 1.1592) This week has been a tumultuous one for sterling as it began the week in the ascendancy on Monday and Tuesday as traders felt sterling had been oversold. Despite disappointing Construction Purchasing Managers’ Index (PMI) data being released on Monday, Tuesdays Services data detailed a  Continue Reading…

Posted March 7th, 2013 by Charles Purdy

Sterling at risk from today’s BoE decision | Smart Daily Currency Note

GBP/EUR – 1.1518 Sterling struggled yesterday, losing ground against most of its major peers, giving back its recent gains to head back down towards the 1.50 mark against the US dollar. The driving force behind this decline was speculation that the Bank of England Monetary Policy Committee would today increase its quantitative easing programme in  Continue Reading…

Posted March 6th, 2013 by Charles Purdy

We wait for Thursdays Bank of England announcement | Smart Daily Currency Note

GBP/EUR – 1.1581 Sterling had a mixed day yesterday – hitting highs of 1.52 against the US dollar and 1.1645 against the euro in the morning before pulling back in the afternoon. Sterling  got a helping hand from positive data released yesterday morning. Statistics showed that retail sales had increased by 2.7% in February and  Continue Reading…

Posted March 5th, 2013 by Charles Purdy

Sterling steady pending Thursdays Bank of England meeting | Smart Daily Currency Note

GBP/EUR – 1.1588 Traders have obviously come to expect poor data from the UK as yesterday’s worse than expected Construction Purchasing Managers’ Index (PMI) data mirrored Friday’s Manufacturing release, but caused next to no reaction in the market. Whilst sterling dipped its toe in the waters below 1.50 once again in early trading, it recovered  Continue Reading…

Posted March 4th, 2013 by Charles Purdy

Will we see more bad news for sterling this week? | Smart Daily Currency Note

GBP/EUR – 1.1556 Friday’s Manufacturing PMI release undermined sterling badly. Coming in three points below forecasts, the release indicates that that purchase managers expect a contraction in this key industry sector next month. Sterling plummeted on the news, losing Thursday’s gains and more, falling below the 1.50 mark against the dollar for the first time  Continue Reading…

Posted March 1st, 2013 by Charles Purdy

Despite tough week sterling slightly stronger | Smart Daily Currency Note

GBP/EUR – 1.1592 Sterling had a very poor start to the week – dropping to a sixteen month low against the euro and a two and a half year low against the US dollar following  Moody’s – one of the big three credit rating agencies – downgrading the UK’s sovereign rating by one grade to  Continue Reading…

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