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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 value between imports and exports) are released today and may well lead to another eventful day’s trading for sterling. The other key release will be the final reading of the UK’s GDP from last quarter, currently expected to confirm that we saw mild growth of 0.3%, any significant variation away from this figure and we could see a big market reaction.  Call in now for the latest news and up to the second rates for sterling.

The euro continued to struggle yesterday, falling to three week lows against the US dollar and breaking through the 1.30 level, as two further members of the European Central Bank (ECB) reiterated President Draghi’s comments that monetary policy would remain accommodative for as long as necessary. Today is quiet for major releases as the EU economic summit commences with the European banking union back on the agenda. Call your trader now for the latest update from the market.

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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…

Posted June 14th, 2013 by Charles Purdy

US dollar under pressure | Smart Daily Currency Note

(Last week)     This week (GBP/EUR – 1.1757)     GBP/EUR – 1.1761 On the whole an okay week for sterling. It held its own against the euro, lost a little bit of ground against the commodity backed currencies; albeit midweek it had made significant gains, and gained throughout the week against the US dollar. It seems to  Continue Reading…

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