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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 – hitting 1.4814 against a strong US dollar. Sterling has then spluttered through the rest of the week against a wide range of currencies with little UK news being released. However it did gain nearly two-and-a-half cent as the US dollar took a dive overnight on Wednesday. Today is similarly quiet for news, instead traders will be looking to a busy week ahead with inflation figures as well as the minutes from the recent Bank of England meeting. Get in touch today for the latest news and up to the second rates for sterling.

A similarly steady week for the euro as markets became accustomed to the disparity in tone on monetary policy coming from central banks around the world. One of the members of the European Central Bank clarified that not only was there unanimity on the recent rate decision, but also that interest rates would absolutely not be raised for at least 12 months. Overnight on Wednesday euro finally broke through 1.30 mark against the US dollar, and pushed sterling back below the 1.16 level. Today sees very little news released so it’s likely to be the same story again, but call your trader for an update. 

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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  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…

Posted July 4th, 2013 by Charles Purdy

Good services data boosts sterling | Smart Daily Currency Note

GBP/EUR    1.1731 The strongest day in many weeks for sterling, as Services PMI figures blew forecasts out of the water to post a sixth consecutive month of better-than-expected growth. The sector, which makes up 75% of UK GDP, is performing better than any other area and sterling climbed over a cent in the two hours  Continue Reading…

Posted July 3rd, 2013 by Charles Purdy

Sterling continues to lose ground against the dollar | Smart Daily Currency Note

GBP/EUR – 1.1668 A strong construction sector did not make for a strong sterling yesterday. While Construction Purchase Manager Index (PMI) figures were the best they have been since May 2012, sterling still lost ground against the US dollar – pushing as low as 1.5150 against a bright US dollar in the early afternoon. Today  Continue Reading…

Posted July 2nd, 2013 by Charles Purdy

Sterling has a difficult start to the week | Smart Daily Currency Note

GBP/EUR – 1.1649 A good morning for sterling yesterday as ‘economic rock star’ Mark Carney took the reins at the Bank of England and Purchase Manager Index (PMI) figures exceeded expectations, showing growth in UK manufacturing for the second consecutive month. Market reaction to the release was fairly muted and sterling weakened through the afternoon  Continue Reading…

Posted July 1st, 2013 by Charles Purdy

Difficult week for sterling as Carney starts at the BoE | Smart Daily Currency Note

GBP/EUR – 1.1663 Sterling had a difficult week last week and continued to lose ground on Friday in spite of any significant data being released. This week we have a whole raft of UK data released, a Bank of England meeting and the arrival of the Mark Carney, quoted on the radio this morning as  Continue Reading…

Posted June 28th, 2013 by Charles Purdy

Sterling continues to fall | Smart Daily Currency Note

(Last week)    This week (GBP/EUR – 1.1719)    GBP/EUR – 1.1687 On the whole a disappointing week for sterling – strong retail sales figures early in the week were encouraging signs for the British economy, giving sterling a short boost, but it has slipped away since. Key to driving this decline was two further members of  Continue Reading…

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