Call Free Phone Now:0808 163 0102
Outside the UK: +(44) 207 898 0541 Request a Call Back
  Daily Currency News Euro US Dollar Educational Articles  
Posted July 7th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 7th July 2010

EUR/GBP – 1.200

Sterling rose overall against the US dollar but fell against the euro as investors bought riskier investment assets as concerns eased over the global recession. Sterling jumped above $1.52/£1 in early trading as data in the USA came in worse than expected. This left sterling within spitting distance of Friday’s 9 week high of $1.5230 and prompted some analysts to suggest that there is scope for the pound to strengthen towards $1.55/ £1 if the conditions allow it, however this is likely to take some time. The pound fell to 1.1990/ £1 as improved sentiment towards the euro saw investors moving funds into riskier investments in the region. This morning however, data showing a decline in jobs growth has seen the pound lose ground again and in addition, the UK Shop price index has shown a decline in the growth of retail inflation for June. Out later today there is Halifax house price survey data which has been rescheduled to be released today. This data can cause volatility – especially as housing data has disappointed recently. Call in now for a price.

In the Euro zone, there was little data out in the region yesterday, and the euro traded on improved sentiment following better than expected data last week. The single currency gained against both the pound and the US dollar hitting $1.2630/ 1 and strengthening below the 1.20/ £1 for the first time in several days. The euro’s strength has come as investors moved to close short positions that were in place ahead of last week’s Spanish bond issues and 442bn loan facility, as these were expected to cause the euro to perform badly. However, those events passed by without any issues, and investors have needed to buy back euros to avoid losing money – causing strength. Out today, there is final GDP data for the region, which is expected to remain unchanged at 0.2%. In addition, there is German factory order data for the month which is expected to show a decline on last month.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the website and for companies visit the website.

Leave a Reply

© Copyright 2010 Smart Currency Exchange. All Rights Reserved.
Site by Iniquus