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Posted July 11th, 2013 by Charles Purdy

US dollar weakens on Central Bank comments | Smart Daily Currency Note

GBP/EUR – 1.1556

A fairly steady day for sterling yesterday as markets caught their breath after an eventful first half of the week. Sterling gradually won back a cent from overnight lows against the US dollar, as markets nervously took position ahead of the release of the release of Federal Open Market Committee (FOMC) meeting minutes last night. Following the release, we saw sterling appreciate by two and a half cent against a particular weak US dollar. This morning sees one of Mark Carney’s colleagues at the Bank of England speak; to which markets will look to clarify last week’s comments on interest rates. Call your trader today for the latest news and up to the second rates on sterling.

Steady as she goes for the euro yesterday, trading in a very tight range against sterling for the whole day – notably holding above 1.16. The European Central Bank today gives its monthly bulletin which is likely to reiterate recent comments saying that interest rates will remain at current levels or below for at least the next 12 months. Markets seem to have become accustomed to such comments, so we’re unlikely to see a dramatic move unless something considerably different is said. Get in touch with Smart today for live rates for the euro.

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