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Posted July 18th, 2013 by Charles Purdy

Sterling benefits from BoE surprise | Smart Daily Currency Note

GBP/EUR – 1.1574

Sterling appreciated sharply yesterday morning in response to a double dose of positive data. The Monetary Policy Committee meeting minutes revealed a surprise 9-0 vote in favour of maintaining the Bank of England’s quantitative easing target instead of increasing it. This caused sterling to jump over a cent against the US dollar and euro as many key figures expected the vote to show several members (including the new Governor Mark Carney) to vote in favour of increasing the quantitative easing program, rather than the unanimous decision against this that was revealed. Performance was further boosted by data showing that unemployment claims dropped by over 20,000 in June, a much greater reduction than predicted. Sterling continued to perform well yesterday afternoon, trading at 1.16 against the euro and hovering above 1.52 against the US dollar. This morning sees the release of monthly UK retail sales data, which has the potential to either check or reinforce today’s optimism should figures differ significantly from predictions. Call in now to stay on top of continuing market reaction.

It seems that the euro is not master of its own destiny this week as it continues to play a largely reactionary role whilst events in the UK and USA continue to dominate. The euro weakened against sterling considerably yesterday morning and continued to decline throughout the day. The euro experienced more mixed fortunes in its performance against the dollar with reasonable movement seen in both directions, but little net movement, by the close of trading in London. Eurozone current account data, which details the difference in value between imported and exported goods may play some role in the euro’s performance today, as might Spanish 10-year bond data, but it is likely that events elsewhere may continue to dominate the headlines and drive market movement. Call in now to keep pace with developments and to get a live rate.

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Posted July 17th, 2013 by Charles Purdy

A difficult day for sterling lies ahead | Smart Daily Currency Note

GBP/EUR – 1.1491 Consumer Price Index data from the UK, which gives an indication as to the current level of inflation, came in marginally worse than expected yesterday. This impacted on sterling’s performance as traders hedged their bets in the run up to the today’s publication of the minutes from Governor Mark Carney’s inaugural Monetary  Continue Reading…

Posted July 16th, 2013 by Charles Purdy

Euro performance awaits German economic data | 16/07/2013

Yesterday saw little in the way of influential data emanating from the Eurozone and its performance was largely defined by events elsewhere. Little net movement was seen against sterling or the US dollar by the close of trading in London. Today we can look to German economic sentiment data to impact upon performance as traders looks for signs of optimism from investors and analysts in Europe’s largest economy. Today also sees the release of Core Consumer Price Index and trade balance data from the Eurozone, but it is Germany’s economic sentiment data that is likely to play the biggest role. Call in now to track its effect and to receive a live rate.

Posted July 16th, 2013 by Charles Purdy

Sterling still feeling the heat | Smart Daily Currency Note

GBP/EUR – 1.155 Sterling experienced some movement yesterday, losing some ground against the US dollar during the morning, but largely making good those losses in the afternoon. There was also little overall movement against the euro as data released from Smart Currency partner Rightmove Plc showed that asking prices for UK housing had risen again  Continue Reading…

Posted July 15th, 2013 by Charles Purdy

Sterling slips as the UK awaits the BOE meeting minutes | Smart Daily Currency Note

GBP/EUR – 1.1568 Sterling slipped away a little on Friday, breaking through 1.51 and 1.16 against the US dollar and euro respectively. This week is a lot livelier on the news front than last with influential releases coming most days. Tomorrow sees annual CPI figures as well as other inflation data. On Wednesday markets get  Continue Reading…

Posted July 12th, 2013 by Charles Purdy

Difficult week for sterling, will it continue next week? | Smart Daily Currency Note

Last week            This week (GBP/EUR – 1.1757)   GBP/EUR    1.1591 Sterling was struggling as it began the week still looming in the shadow of new Governor Carney’s comments. Things went from bad to worse though, as poor manufacturing and industrial production figures on Tuesday saw sterling’s value fall by a further cent to 3 year lows  Continue Reading…

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  Continue Reading…

Posted July 9th, 2013 by Charles Purdy

Is sterling set for further weakness? | Smart Daily Currency Note

GBP/EUR – 1.1622 After being pushed against the ropes overnight on Sunday – dropping to the lowest it has been since early March – sterling gained a little ground back against the dollar yesterday, pushing back above 1.49 again. The International Monetary Fund releases its World Economic Outlook today, with analysts saying it is likely  Continue Reading…

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  Continue Reading…

Posted July 5th, 2013 by Charles Purdy

New BoE Governor speaks, sterling plummets | Smart Daily Currency Note

GBP/EUR – 1.1668 Yesterday’s expression of the day was forward guidance – indication from an interventionist central bank as to what they are going to do with interest rates into the future. In his first act at Governor of the Bank of England, Mark Carney issued a surprise statement yesterday which expressed the Bank’s concern  Continue Reading…

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