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Posted May 5th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 5th May 2010

EUR/GBP – 1.168

Sterling had a mixed day yesterday falling to a 5 week low against the US dollar of $1.5090/ £1 and gaining against the euro to finish the day well above the 1.16/ £1 mark. The pound suffered over concerns that the crisis in Greece and subsequent bail out would spread to other countries. The FTSE stock market fell as bank shares suffered Greece related selling and mining companies fell as Australia announced a potential new tax on mining operations. This caused investors to sell the pound and buy US dollars. Lower than expected data on lending also added to sterling’s woes against the US currency as figures showed that month on month lending to individuals fell by £1.8bn and new mortgage approvals dropped by 3,000 on last month. Out today we have house price data from the Halifax and data on the construction sector. The election is still the biggest issue in the short term – call in now for a live exchange rate.

In the Euro zone, despite the 110bn ‘austerity package’ agreed by the EU and IMF to help Greece avoid defaulting on its debt, there is a total lack of confidence in the plan which hit the euro hard today. The single currency fell against the US dollar to a 1 year low of below 1.31/ $1 as fears spread over sovereign debt default spreading to other southern European countries. Bond markets are showing that investors expect default in Greece, Spain and Portugal. With many public sector workers in Greece on strike due to the measures imposed by the IMF, the country is in deep crisis. German retail sales unexpectedly fell by 2.4% against an expectation that the figures would remain the same. Out today, we have monthly retail sales for the Euro zone as a whole which are expected to show a marginal improvement on the month. There is a lot of volatility this week – call in now to avoid missing out.

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Posted May 4th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 4th May 2010 EUR/GBP – 1.155 Sterling has started the week relatively quietly ahead of Thursday’s general election. The latest polls show the Conservatives in front, but still lacking the required majority to take overall victory. With the prospect of a hung parliament looming, this is seemingly having little effect  Continue Reading…

Posted April 30th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 30th April 2010 EUR/GBP – 1.154 Sterling gained against the dollar and crept back against the euro as European officials stated that additional aid for Greece would be agreed soon. Sterling is trading at $1.5360/ £1 and 11.1560/£1. The prospect of an agreement on Greek aid helped stabilise market fears  Continue Reading…

Posted April 29th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 29th April 2010 EUR/GBP – 1.151 Sterling fell yesterday against the US dollar following the fallout from the Greek debt crisis that caused investors to flee to safer assets. The UK came under renewed examination in the run up to the election as analysts predicted that the crisis over government  Continue Reading…

Posted April 28th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 28th April 2010 EUR/GBP – 1.154 Sterling fell marginally yesterday against the US dollar and euro as fresh opinion polls cast fresh doubts over a hung parliament. Some minor mortgage approval data and retail sales data came in worse than expected but the closer we get to the election, the  Continue Reading…

Posted April 27th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 27th April 2010 EUR/GBP – 1.152 Sterling matched the highest level of the year against the euro yesterday as Greek debt uncertainty caused the euro to suffer. The pound hit 1.1620/ £1 in early trading yesterday (matching a 5 month high last seen in January) as the latest opinion polls  Continue Reading…

Posted April 26th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 26th April 2010EUR/GBP – 1.159 Sterling had a very volatile week last week and despite the GDP figures coming in at 0.2% for the first quarter (0.2% less than expected), the pound has started the week strongly. Sterling is currently trading at $1.547/ £1 and 1.1560/ £1 – up around  Continue Reading…

Posted April 23rd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 23rd April 2010EUR/GBP – 1.159 Sterling hit a 12 week high of 1.1583/ £1 against the euro yesterday and has briefly broken through the 1.16/ £1 this morning – buoyed by better than expected data on UK public finances and euro weakness related to the Greek debt crisis. UK public  Continue Reading…

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