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Posted July 8th, 2013 by Charles Purdy

Sterling suffering badly as temperatures soar | Smart Daily Currency Note

GBP/EUR – 1.1599

A very tough end to the week for sterling, struggling as the US dollar stole the limelight. An ailing sterling dropped below 1.49 and 1.16 against the US dollar and euro respectively on Friday and after a fantastic weekend for British sport, we will have to see how the British currency fairs through the course of this week. The next five days is devoid of data from the UK save for manufacturing production figures released on Tuesday. Given the strength of the manufacturing figures released last week, we anticipate good news. Whether that will be enough to give sterling a helping hand to find some strength again remains to be seen. Get in touch for the latest news and up to the second rates for sterling.
The euro had a mixed end to last week; comments made by the European Central Bank President on Thursday after the interest rate decision lead to the euro hitting five week lows against the US dollar, but against an even weaker sterling the euro managed gains of 0.3% on Friday. Today, the President of the ECB speaks again, markets will be volatile as traders look for further evidence of forward guidance and openly interventionist policy. Today we also see the release of German trade balance figures, and on Wednesday we have industrial production data coming out of France and Italy. Call today for the latest news, and live rates for euro.

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