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Posted April 23rd, 2015 by Charles Purdy

Euro slides against sterling

The euro remained under pressure on Wednesday, with the Greek government no closer to reaching an agreement with its Eurozone partners, and the International Monetary Fund (IMF) accessing the remaining bailout funds; this fuelled fears that the country could be forced out of the Eurozone. Previously, the single currency had climbed to its highest point in over a week against the US dollar, following some weak US economic reports, but the fallout from the Greek discussions along with stronger data from the US reflected poorly on the euro.

The single currency hit a month low against sterling also, as the Bank of England minutes were very much in favour of keeping interest rates where they are, some investors had been worried a cut in interest rates may have been on the cards. Consumer confidence data from the Eurozone figures were released, unfortunately coming out worse than expected at -4.6 (compared to the forecast -2.75).

There is a whole raft of data out today including German consumer confidence data and Eurozone Purchasing Managers Index (PMI) data which given yesterday’s change in momentum for sterling have the possibility of boosting sterling further if they disappoint.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

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Posted March 19th, 2015 by Charles Purdy

The Euro continues to benefit from its “time in the sun”

The euro held steady against the dollar on Wednesday but gained strength against sterling although this was largely down to the Monetary Policy Committee minutes from the Bank of England (BoE), rather than from events within the Eurozone. The single currency remained solid throughout the day ahead of a US Federal Reserve monetary policy statement which was generally expected to provide a further view into the timing of an interest rate increase. The euro weakened across the board after the European Central Bank (ECB)started asset purchases under its quantitative easing program earlier this month but has slowly started to re-gain some of the lost ground.

Posted October 21st, 2014 by Charles Purdy

Euro continues to hold its own

With the week’s trading opening yesterday morning, growth concerns across the Eurozone continued to weigh on the single currency, which opened slightly down on last week’s subtle gains against the US dollar. Movement yesterday was understated, however, with minimal events of note in both the domestic and global markets. The euro was particularly flat against sterling.

We expect a similar pattern over the next 24 hours, with sterling-euro traders not likely to make many moves ahead of tomorrow morning’s Bank of England (BoE) interest rate release and asset-back purchases votes. European manufacturing industry Purchasing Managers’ Index figures (measuring the industry’s performance) on Thursday will also be watched closely.

Posted June 16th, 2014 by Charles Purdy

Euro under pressure, no respite in sight

The euro had a difficult week losing nearly two cent against sterling and just under one cent against the US dollar. Following an address by Bank of England Governor (BoE) Mark Carney on Thursday night, sterling strengthened sharply and reached 19-month highs against the euro.

This week, Tuesday’s German Economic Sentiment data looks to be the most interesting data set due out. This will provide an insight into how analysts and investors in the Eurozone’s largest economy have reacted to European Central Bank (ECB) President Mario Draghi’s actions ten days ago. Figures are forecast to show slightly higher optimism than previously; however, a figure that is much higher or lower than expected could have strong bearing on how the euro fares in the early part of this week.

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