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EURO/GBP - 1.100
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Sterling had yet another poor Monday against the US dollar as further opinion polls published over the weekend showed a narrowing Conservative lead in the run up to the election – now widely expected to be May 6th. The pound dropped nearly 1% against the US dollar as house price data showed the smallest rate of house price growth for 13 months. Sterling gained initially yesterday as credit rating agency Moody’s maintained the UK’s AAA credit rating on Friday despite a budget deficit that is forecast to hit £178bn – more than 12% of GDP. Comments from Kate Barker (a member of the Bank of England’s Monetary Policy Committee) also hurt the pound as she predicted the UK economy would contract in the 1st Quarter of 2010. The main news this week is tomorrow’s minutes from the last meeting of the Bank of England. Traders will be looking to the minutes for any clues that the Bank will increase the emergency funding of the UK economy. Today we have some house price data out which is expected to show an increase in prices. Political concerns are weighing heavily on the pound and there is still potential for the pound to drop further – get in touch now to avoid adverse movements against you.
In the Euro zone, European Finance Ministers gathered in Brussels to discuss a proposed framework to help Greece finance its debts if needed. There was speculation over the weekend that there would be a concrete announcement yesterday, but this was quickly downplayed by many of the attending ministers which kept pressure on the euro especially against the US dollar. Elsewhere, Quarter on Quarter employment fell by 0.2% in the region – a slight improvement on last Quarter, which was largely expected by the market. Today we have German and Euro zone consumer sentiment which is expected to show a drop on last month following concerns over Greece. Get in touch now for a quote, as despite the relative lack of movement recently against sterling, we could see volatility at any point.
Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx
Tuesday, 16 March 2010
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Exchange rates can move very quickly. The above rates are valid at a moment in time. We have no crystal ball and we recommend that if an exchange rate works for your budget then don’t wait for an even better exchange rate - Murphy’s Law says the rate will go against you and cause you maximum pain! Suggestions should not be taken as advice or fact.
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