Monday, 21 April 2008

Weekly € rates and comments - week commencing 21st April 2008

 

Sterling had a good end to last week. A couple of factors seemed to benefit sterling. Firstly the Royal Bank of Scotland is expected to announce a rights issue which indicates that UK banks have started to restore their balance sheets. Also it is thought that the Government is set to announce plans to ease tight conditions in the mortgage market which should help banks to start lending to each other. Hopefully these positive factors will allow sterling to regain some equilibrium short term.

 

The € had an interesting week and sits at €1.254/£1 inter bank. Euro land inflation is still at the top end of expectations which means that the European Central Bank will not cut the € interest rates in the short to medium term. However, there are ever rising concerns about the Euro land economy. The strength of the € is making Euro land exports ever more expensive. The € maintains its "safe haven" status which it has held for a while but pressure is continuing to rise in Euro land.

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