Currency Rates

EURO/GBP - 1.134

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Sterling fell against euro yesterday as Bank of England Monetary Policy Committee member Adam Posen left the door open for further injections of emergency funding into the UK economy – despite putting the Quantitative Easing programme on hold last month. Echoing Mervyn King’s comments on Tuesday, Posen did very little to aid sterling which has fallen recently after poor unemployment data and disappointing retail sales. The UK is keeping emergency funding available if needed, whilst other countries look to pull back from loose monetary policy. This is helping to keep sterling under pressure and means the outlook for the pound still remains poor. Today, Mervyn King speaks again and we have CBI realised sales (a key indicator of consumer spending) and business investment data – both of which are forecast to improve marginally. However, as we have seen so far this month, UK data can easily come in much worse than expected – get in touch now to avoid catching another downward movement and losing out.

In the Euro zone, German consumer confidence came in slightly better than expected and the final fourth quarter GDP stayed at 0.0%. Industrial orders beat expectations of -1.1% and came in at 0.8% which helped to push euro higher against sterling. The Greek debt crisis was out of the spotlight yesterday, but it is clearly still an issue that could cause volatility at any point. With a wide range of data out later today including European consumer confidence and money supply data there is scope for a lot of movement as we head into the weekend. Call in today to avoid missing out.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UK or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx