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Posted May 16th, 2013 by Charles Purdy

Sterling under pressure against the US dollar | Smart Daily Currency Note

GBP/EUR – 1.1818

Yesterday sterling climbed for the first time in four days against the euro and capped it’s downward trajectory against the US dollar following the Bank of England’s upgraded forecast for the UK economy in it’s quarterly Inflation Report. Sterling rose against the majority of its major trading partners as the incumbent Governor stated that a sustained recovery was on the horizon as he presented his last evaluation of the UK economy before Mark Carney takes over his post, indicating growth may accelerate to 0.5% this quarter. Advances for the UK currency were also helped by a report describing jobless claims in Britain to have fallen through April whilst the level of unemployment decreased. With a recent spate of good news, many hope the worst of the recession has passed, though growth is still some way off the level of five years ago. There is little in the way of influential data being released from the UK today so performance is likely to be dictated by events from elsewhere. Call in now for live rates and updated information.

The euro slid to fresh monthly lows yesterday as first quarter growth figures revealed a larger contraction than expected across the region. Economic output shrank for a sixth-straight quarter at a rate of over 0.2% whereby the prolonged recession is likely to continue to weigh heavily on the euro as speculation regarding the potential emergence of additional monetary support intensifies. A disappointingly minor recovery in Germany at 0.1% failed to offset negative growth figures in France and Italy; highlighting how European policy makers are struggling to turn improved financial market conditions into renewed business activity. The euro has still appreciated in many of it’s major pairings over the last few months, but appears condemned to economic stagnation in the near future. The European Central Bank cut it’s benchmark interest rate to record lows this month whilst the President of the ECB has clearly stated the bank is ready to act again if needed. Be in touch to monitor how Trade Balance and CPI inflation figures today impact the euro’s fortunes.

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Posted May 15th, 2013 by Charles Purdy

US dollar in the ascendancy | Smart Daily Currency Note

GBP/EUR – 1.1780 Sterling struggled on Tuesday – falling to a two week low against the euro and continue to tumble against the US dollar for the fourth consecutive day. This was on the back of speculation that investors have cut their holdings in the currency leading up to the Bank of England’s quarterly update  Continue Reading…

Posted May 14th, 2013 by Charles Purdy

Good US data undermines sterling | Smart Daily Currency Note

GBP/EUR – 1.1773 Sterling had a steady day through much of yesterday before losing ground rapidly towards the end of the day on the release of better than expected US retail sales data. Sterling fell to a two week low against the US dollar. Sterling’s weakness came in spite of the Confederation of British Industry  Continue Reading…

Posted May 13th, 2013 by Charles Purdy

Sterling loses ground | Smart Daily Currency Note

GBP/EUR – 1.1834  Friday saw sterling weaken against a lot of its major counterparts and particularly against the US dollar as a UK trade report showed the country’s current account position has continued to deteriorate – counteracting the spate of good economic news following positive growth figures two weeks ago. Sterling slipped from around 1.56  Continue Reading…

Posted May 10th, 2013 by Charles Purdy

Sterling steady – how long will it last? | Smart Daily Currency Note

GBP/EUR – 1.1832  Sterling has been trading in a narrow range against the euro and the US dollar since the start of the month but it has been moving rapidly between the two extremes as new data pushes market sentiment one way and then the other. Yesterday the release of UK industrial production showed that  Continue Reading…

Posted May 9th, 2013 by Charles Purdy

Better Eurozone data boosts the euro | Smart Daily Currency Note

GBP/EUR – 1.1811 It was a reasonably good day for sterling yesterday as the Bank of England embarks upon a two-day Monetary policy committee meeting to review interest rates. Despite weakening against a stronger euro, it rose by the most in two months against the US dollar during the afternoon. The HBOS house price index  Continue Reading…

Posted May 8th, 2013 by Charles Purdy

Sterling slides but still close to recent highs | Smart Daily Currency Note

GBP/EUR -    1.1808 Despite a quiet day on the data-front, sterling had a weaker day yesterday, dropping against all its major peers bar the poorly performing Australian and New Zealand dollars. It had a particularly weak afternoon, dropping almost a cent against the US dollar in just over an hour; whether this is a bump  Continue Reading…

Posted May 7th, 2013 by Charles Purdy

Sterling steady at recent highs – is it a good time to buy euros or US dollars? | Smart Daily Currency Note

GBP/EUR – 1.1872 Sterling remained steady over the bank-holiday having gone into the weekend on an even keel and having advanced across the board on Friday morning after data showed that the nation’s dominant services sector had in April recorded its strongest rate of growth since last year’s Olympic Games. The Services Purchasing Manager’s Index  Continue Reading…

Posted May 3rd, 2013 by Charles Purdy

Euro falls against sterling following ECB meeting | Smart Daily Currency Note

This week                 (Last week) GBP/EUR – 1.1858      (GBP/EUR – 1.1860) Sterling ended yesterday at around the same level as the start of the week – firming up hopes that last Thursday’s growth figures could be the catalyst for a sustained period of recovery. Indeed, both Manufacturing and Construction Purchase Manager’s indices (PMI) exceeded expectations and  Continue Reading…

Posted May 2nd, 2013 by Charles Purdy

The ECB meet today – expect euro volatility | Smart Daily Currency Note

GBP/EUR – 1.1812 Sterling enjoyed a good day yesterday, rising to an eleven week high against the US dollar, helped by better than forecast Purchase Managers’ Index (PMI) data for the manufacturing sector. Britain’s factories output seems to be stabilising in April after months of contraction, sending sterling upward amidst hopes the recovery is consolidating  Continue Reading…

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