Monday, 14 July 2008

Weekly € rates and comments - week commencing 14th July 2008

 
 

Minimal movement for sterling last week against most if not all other currencies. The Bank of England kept UK interest rates on hold which was as expected. What choice did they have, UK inflation is high and the economy weak. Probably none but I do wonder why interest rates are so high given they seem to have so little control over the major factors affecting UK inflation e.g. food, commodity and energy prices. Further falls in UK house prices and the major house builders have been laying off employees in significant numbers. As I mentioned previously the only plus for sterling is that the UK economic disarray is not dissimilar to that elsewhere.

 

The € sits at €1.251/£1 inter bank. Euro land is the best of a bad bunch. Economic conditions continue to deteriorate and no country is immune. Even German production fell in May by 2.4%. I suppose the major plus they have is that the populations when compared to the US and the UK are not as indebted and as such should be able to weather these poor economic conditions in a better state.

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