Currency Rates

EURO/GBP - 1.105

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Sterling climbed 1% against the US dollar and 0.3% against the euro following stronger than expected housing data and opinion polls showed a Conservative majority. The DCLG House Price Index (which measures the yearly change in the selling price of houses) was expected to show a 3.6% rise but in fact showed a 6.2% rise. Initially yesterday there were reports that the European Commission would recommend that the UK needed to do more to tackle the ballooning deficit. This saw early weakness from the pound but following the strong housing data and fresh opinion polls that showed a Conservative majority, sentiment towards sterling improved and the pound finished the day higher. Out today we have the minutes of the Bank of England’s March meeting and Unemployment claimant count. This is expected to show that all members voted to keep rates on hold. Any sign that the Bank will increase the emergency funding could see sterling fall further. In addition, eyes will turn to UK public spending data which is out on Thursday. Get in touch now to take advantage of the relative short term strength of the pound and avoid missing out.

In the Euro zone, German ZEW economic sentiment was better than expected and French month on month inflation showed an increase of 0.6% - beating expectations. However, ZEW economic sentiment for the Euro zone as a whole came in worse than expected. This reflects the concerns that Greece has caused and that the region is still fragile as a result. The euro fell 0.3% as a result and reached a low of 1.1053/ £1 on the day. There is little data out today on the European front. Get in touch today to avoid missing out, as the pound could drop even further again against the euro.

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