Tuesday, 27 May 2008

Weekly € rates and comments - week commencing 26th May 2008

 
 

Sterling has been holding steady. The Bank of England's minutes showed that the vote was 8 to 1 in favour of holding UK interest rates. Inflation is the BOE's major concern. UK retail figures for April were better than expected which given declining house prices and slowing economic growth was a surprise. This probably means that any cuts in UK interest rates will happen towards the end of the summer. So the period of stability may hold for a while longer.

 

The € which sits at €1.975/£1 inter bank is still flavour of the month [or even year]. Not surprising given the on going strength of the German economy which, although weakening, continues to be performing better than most other countries even on the back of the very strong €. The European Central Bank is unlikely to be cutting Euro land interest rates any time soon and I would be surprised to see any significant weakness in the € in the short to medium term.

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