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Posted August 13th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 13th August 2010

EUR/GBP – 1.217

It has been a mixed week for sterling which ended the week up against the euro and down against the US dollar as a fresh wave of risk aversion hit global markets. Sterling hit a new 6 month high of $1.5999/ £1 on Monday but then dropped to a 2 week low of $1.5565/£1 on Thursday. The reason for this sudden increase in risk aversion was as a result of Wednesday’s Bank of England quarterly inflation report. This was a key assessment of the new government’s spending cuts and tax hikes and as a result, growth forecasts were slashed and inflation is expected to be well within the target 2% level within 2 years. More importantly, the Bank left the door wide open for further emergency Quantitative Easing if it is needed. This left financial markets concerned over UK recovery. Poor housing data and lower consumer confidence added to sterling’s problems and the strength against the Euro was related to risk aversion caused by the US economy. Call in now to ensure you don’t lose out on further poor market movements

In the Euro zone, sterling has broken out of the tight range we have seen over the last 2 weeks against the euro after the US Federal Reserve voted to inject further money to jumpstart the flagging US recovery. This saw investors pull out of riskier euro assets and buy into the safer currencies of US dollar and sterling. As a result, the euro lost over 2% against the US dollar and 1% against sterling. Poor data from Greece and a drop in European industrial output on Thursday kept the euro under pressure. Out today, there is GDP data for the region so call in now to ensure that you don’t miss out.

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Posted June 10th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 10th June 2010 EUR/GBP – 1.210 Sterling recovered yesterday when investors bought back into the pound after analysts stated that the pound had been oversold on Tuesday following comments by credit rating agency Fitch. In the end, the comments made by Fitch added nothing new to what the markets knew  Continue Reading…

Posted June 8th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 8th June 2010 EUR/GBP – 1.211 Sterling hit a fresh 18 month high against the euro yesterday and also strengthened against the US dollar. The pound jumped to 1.2176/ £1 as rumours circulated that investors were moving funds from German ‘bunds’ (government bonds) into UK government bonds (also known as  Continue Reading…

Posted June 7th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 7th June 2010 EUR/GBP – 1.207 Sterling fell on Friday against the US dollar but hit a 1 ½ year high against the euro as a worse than expected rise in US employment figures pointed towards a slower than expected US recovery. With Europe in the midst of a debt  Continue Reading…

Posted May 28th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 28th May 2010 EUR/GBP – 1.175 Its all about risk at the moment and whether you are risk adverse or you have risk appetite. Last week was definitely a week where risk aversion was to the fore and the US$ given its safe haven status in the ascendancy. The second  Continue Reading…

Posted May 26th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 26th May 2010EUR/GBP – 1.168 Sterling fell by 1% yesterday against the US dollar as investors continued to suffer from risk aversion. At one point the pound hit $1.4250/ £1 but recovered slightly towards the end of the day. Sterling performed well against the euro, breaching 1.17/ £1 before falling  Continue Reading…

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