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Posted April 30th, 2013 by Charles Purdy

Sterling slowly loses ground | Smart Daily Currency Note

GBP/EUR    1.1832

Sterling had a strong start to the day, rising to a ten-week high against the US dollar as an industry report showed UK house prices to have increased for the first time to levels last seen before the recession. Come the afternoon and overnight sterling lost ground. Sterling still remains supported from last Thursday’s growth figures, a dampened expectation that the Bank of England will boost stimulus measures and a renewed optimism for small businesses to take advantage of the revamped Funding for Lending scheme. However the benefits have been short lived and sterling has lost short term momentum. Data released today includes the net lending levels to individuals and mortgage approvals figures. Call in now to see how sterling reacts and for a live price from the market.

The euro bounced back yesterday as Italy finally formed a new government and swore in new Prime Minister Enrico Letta – ending a nine week deadlock. Indeed a successful Italian 10-year bonds auction confirmed investors’ confidence in the new appointment. Though the prolonged recession across the Eurozone is likely to undermine the new government’s ability to implement effective reform as other countries become increasingly reliant on monetary support. Today’s main release is expected to show unemployment in the Eurozone has reached record high and will put further impetus on the ECB to cut interest rates at Thursdays meeting in order to give the Eurozone a well needed boost. Other notable releases today include Spanish GDP figures and German retail sales data, so be in touch to see if fixing a price now could help you hedge against price levels slipping.

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Posted April 29th, 2013 by Charles Purdy

Sterling still strengthening | Smart Daily Currency Note

GBP/EUR – 1.1872 Sterling continued its upward trend on Friday strengthening for a fifth day against both the euro and the US dollar following Thursday’s news the UK had avoided a triple-dip recession and grown slightly beyond expectations. The main data released this week will be the Purchase Manager’s indices (PMI) for the manufacturing, construction  Continue Reading…

Posted April 26th, 2013 by Charles Purdy

Sterling gains on better than expected growth figures | Smart Daily Currency Note

This week                 (Last week) GBP/EUR – 1.1860      (GBP/EUR – 1.1712) The main news this week came yesterday as GDP data revealed that the UK had avoided falling into an unprecedented triple-dip-recession after preliminary growth figures for the first quarter exceeded market expectations. After a quiet week for data, the GDP data revealed modest growth of  Continue Reading…

Posted April 25th, 2013 by Charles Purdy

Are we in recession? We find out this morning | Smart Daily Currency Note

GBP/EUR – 1.1736 The announcement that the government’s Funding for Lending scheme (the scheme designed to give the economy a boost by encouraging banks to lend to businesses and households) is to be extended lent support to sterling yesterday, trading in a half-a-cent range as everyone looked ahead to today’s preliminary first quarter growth figures.  Continue Reading…

Posted April 24th, 2013 by Charles Purdy

Sterling steady before Thursday’s growth figures | Smart Daily Currency Note

GBP/EUR – 1.1733 Despite disappointing public sector borrowing figures in the morning, sterling enjoyed a steady day, making gains against most major peers which included strengthening above the 1.17 level against the euro. While today looks set to be quiet in terms of data released, we could nonetheless see volatility as we await tomorrow’s preliminary  Continue Reading…

Posted April 23rd, 2013 by Charles Purdy

Sterling – are we seeing the calm before the storm? | Smart Daily Currency Note

GBP/EUR – 1.1672 Sterling had a good day yesterday strengthening against all except one of its 16 major trading partners. This was better than to be expected following the ratings downgrade by Fitch on Friday (from AAA to AA+) due to weak economic performance. The downgrade did not come as a shock although it puts  Continue Reading…

Posted April 22nd, 2013 by Charles Purdy

Sterling under pressure | Smart Daily Currency Note

GBP/EUR – 1.1652 It just shows how things can change so quickly. After a steady week sterling lost over a cent against the euro and the US dollar late Friday as it was announced that Fitch joined Moody’s downgraded UK government debt in stripping the UK of AAA status based on the weak economic environment.  Continue Reading…

Posted April 19th, 2013 by Charles Purdy

Concerns over UK growth could undermine sterling next week | Smart Daily Currency Note

GBP/EUR – 1.1712 Sterling has had a “steady” week. It lost a bit of ground against the US dollar, held its own against the euro and gained against the commodity backed currencies. During the week there were some ups and downs as data was released but we did appear to be in a period of  Continue Reading…

Posted April 17th, 2013 by Charles Purdy

Euro strength surprises | Smart Daily Currency Note

GBP/EUR – 1.1638 Sterling yesterday lost ground against the euro but held its own against the US dollar. CPI data showed that headline inflation of 2.8% remained above the Bank of England’s target of 2.0%. Sterling dropped to a six-week low against the euro and looked susceptible to further weakness in light of continuing concerns  Continue Reading…

Posted April 16th, 2013 by Charles Purdy

Sterling holds steady ahead of busy week | Smart Daily Currency Note

GBP/EUR – 1.1696 Sterling had a day steady day yesterday as traders are nervous ahead of the UKs busy week of data releases and as the commodity market stole the headlines with Gold and Silver prices dropping by nearly 10% and 13% respectively. The markets are also having  to digest figures from China showing that  Continue Reading…

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