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Posted June 28th, 2013 by Charles Purdy

Sterling continues to fall | Smart Daily Currency Note

(Last week)    This week
(GBP/EUR – 1.1719)    GBP/EUR – 1.1687

On the whole a disappointing week for sterling – strong retail sales figures early in the week were encouraging signs for the British economy, giving sterling a short boost, but it has slipped away since. Key to driving this decline was two further members of the monetary policy committee calling for a looser monetary policy to stimulate growth in the country. Yesterday, the Office for national statistics revised their figures from last year to say that growth was substantially lower than previously thought, but, Britain did not see the two consecutive quarters of negative growth which would indicate a double dip recession. The focus for the next few days is undoubtedly going to be Mark Carney’s entrance as new Governor of the Bank of England. While he has made it clear that there is no panacea for British economic woes, great expectations rest on his shoulders. Call your trader today for the latest news and rates for the UK and sterling.

The euro struggled this week, following comments from the President of the European Central Bank President who said that the economic outlook still warrants an accommodative monetary policy stance. Notably, the euro bought less than 1.30 US dollars for the first time in a month on Wednesday. The European economic summit kicked off yesterday, with ministers from across the Eurozone attempting to come to a conclusion on a banking union. Positive unemployment figures from Germany lent some support to a struggling euro yesterday putting a halt to the downward trend, but the overall picture is still not strong for the 17-member state currency. Get in touch today for the latest on the euro.

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Posted June 27th, 2013 by Charles Purdy

The US dollar continues to strengthen | Smart Daily Currency Note

GBP/EUR – 1.1757 Sterling had a poor day yesterday, losing considerable ground to the US dollar, and only just holding its own against a weak euro. The drop came as one of the members of the monetary policy committee called for a looser monetary policy to stimulate the economy. Current account figures (the difference in  Continue Reading…

Posted June 26th, 2013 by Charles Purdy

Sterling makes steady gains against the euro | Smart Daily Currency Note

GBP/EUR – 1.1794 Sterling drifted through yesterday without making many waves and gaining slightly against the euro. This was despite the market starting to develop nerves as to the impact that the new Bank of England Governor Mark Carney may have when he starts on Monday. Modest gains in mortgage approvals indicate a recovering property  Continue Reading…

Posted June 25th, 2013 by Charles Purdy

Sterling stronger against the euro | Smart Daily Currency Note

GBP/EUR – 1.1758 Sterling had a good day yesterday even though there was an absence of data released across the global markets. With strong retail sales figures last week there are encouraging signs for the British economy and sterling recovered from session lows to stem the its decline against the US dollar. Mortgage approval data  Continue Reading…

Posted June 24th, 2013 by Charles Purdy

Lots of data, will sterling hold its own? | Smart Daily Currency Note

GBP/EUR – 1.1718 Sterling, though losing ground against a buoyant dollar, performed well against the euro following the news that the UK public sector net borrowing rose at a slower rate than anticipated in the last quarter. The National Statistics Office reported that borrowing rose to 10.5 billion pounds rather than the expected 13.8 billion  Continue Reading…

Posted June 21st, 2013 by Charles Purdy

Difficult week for sterling especially against the dollar | Smart Daily Currency Note

(Last week)                  This week (GBP/EUR – 1.1761)     GBP/EUR – 1.1719 A difficult week for sterling especially against the US dollar and to a lesser extent against the euro. This contrasted with sterling gaining  ground when compared to the commodity backed currencies. Thursday saw the release of better than  Continue Reading…

Posted June 20th, 2013 by Charles Purdy

Sterling suffers as the US recovers | Smart Daily Currency Note

GBP/EUR – 1.166 America sneezes and the UK catches a cold. The Federal Reserve laid out it’s time plan for reducing and ending its programme of quantitative easing last night and sterling quickly lost ground against both the US dollar and the euro. Not a surprise against the US dollar as any programme of quantitative  Continue Reading…

Posted June 19th, 2013 by Charles Purdy

Sterling slips badly as inflation disappoints | Smart Daily Currency Note

GBP/EUR – 1.1685 What was expected to be a quiet day for sterling quickly changed as sterling lost over a cent against the euro and the US dollar mid-morning. The initial catalyst for this was Consumer Price Inflation having increased at a rate of 2.7% in May, higher than expectations and up from 2.4% the  Continue Reading…

Posted June 18th, 2013 by Charles Purdy

All quiet before Federal Reserve Wednesday | Smart Daily Currency Note

GBP/EUR – 1.1744 A steady day for sterling yesterday, trading in a tight range against both the US dollar and euro as markets look ahead to today’s inflation figures. We anticipate an increase of 0.2% on last month’s figure of 2.6% which means that it still way ahead of the Bank of England’s 2.0% inflation  Continue Reading…

Posted June 17th, 2013 by Charles Purdy

Will UK data releases support sterling this week? | Smart Daily Currency Note

GBP/EUR – 1.1777 UK economic data last week was limited and the main influence on global currency markets was the on-going discussion on whether or not the US would continue their programme of quantitative easing. A bit more light should be shed on this as we have the Federal Reserve meeting mid-week followed by their  Continue Reading…

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