The euro sits at €1.104/£1 interbank. Euro zone economic data was very thin on the ground last week. The lack of significant news as well as the poor performance by sterling and the
Daily updates on the Euro Exchange Rate and Comments from Smart Currency Exchange Limited. Call for live quotes on freephone: 0808 163 0102 (From outside the UK, call +44 207 898 0541)
The euro sits at €1.104/£1 interbank. Euro zone economic data was very thin on the ground last week. The lack of significant news as well as the poor performance by sterling and the
The equity rally which started in the previous weeks trading continued last week and helped sterling extend its recent gains against most major currencies. Though sterling's value on the markets is still mainly influenced by risk-appetite/aversion, increased confidence in the
The euro has suffered during the month of April so far and sits at €1.124/£1 interbank. With an uncertain picture of how the European Central Bank will tackle the mounting issues within its vast and diverse economy the euro has weakened despite a positive rally in European equities markets. Last weeks figures showing that eurozone industrial production fell by almost 20% year on year highlights how difficult conditions are. There are also rumours of a difference of opinion within the ranks of the ECB on monetary policy which may well mean that these decisions from the ECB are far from being made. Euro inflation data released last Wednesday was much as expected but a narrowing of the Euro-Zone Trade-deficit gave the euro a rare positive for the week.
With the main focus of last week a rather predictable decision on interest rates from the Bank of England (BoE) sterling enjoyed a rather more stable period on the markets than events in previous weeks had allowed. There was no direct mention of further 'unconventional' monetary policy, such as quantitive easing, in the announcement and so despite a brief wobble ahead of the release sterling maintained its levels and looked to finish the week unscathed. There was little other UK economic data of note and so investor confidence and risk aversion continued to strongly influence sterling's position on the market, closing the shortened week roughly 1% higher against the euro and fractionally down against the US$.
The Euro sits at €1.119/£1 inter bank and weathered a flurry of weaker-than-expected data releases in the early part of this week as Euro-Investor confidence, Retail sales and GDP figures all disappointed. Stronger Industrial production and German trade balance figures did help the euro to stop any significant rot but by the end of last week the euro was down against both sterling and the US$. Important European Consumer Price Index figures will be released this week and given the importance of inflation in the current recession this news will be pivotal to whether the European Central Bank will be able to resist making the cut in rates so widely expected from their last meeting.
The G20 summit in
The euro has lost ground against sterling and sits at €1.103/£1 inter bank. The European Central Bank (ECB) surprised the markets last Thursday by cutting interest rates down by only 0.25% rather than the 0.5% widely anticipated by most parties. The euro interest rate, now at 1.25%, is at a record low in the short history single currency and in a statement shortly after the decision, JC Trichet, the president of the ECB, refused to rule out a further cut next month. With no other significant economic data for the euro released last week the euro gained marginally against the Swiss Franc and the US$ thanks to momentum carried from previous weeks' trading.
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