Monday, 28 July 2008

Weekly € rates and comments – week commencing 28th July 2008

Weekly € rates and comments – week commencing 28th July 2008

 

The pound threatened to buck the recent trend and pushed for month-high prices against most major currencies early last week. In their published MPC meeting minutes, the Bank of England showed in that although the majority of the members voted to keep rates on hold, there was a three-way split for only the second time since the start of its independence in 1997.

 

The pound ended the week on the back foot and with more poor economic data strengthening the case for a cut in rates the downside risk for sterling could well be greater than the upside potential in the short term.

 

The Euro, currently at 1.2630/£1 inter bank, maintained its strong position on the markets and fended off speculation that the rot of the credit crisis is finally setting in for mainland Europe. Spanish unemployment is in double digits for this quarter to over 10% and with the country threatening to enter a lengthy recession, such events may well send a message that the new force in the currency markets is finally running out of steam.

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