In mid morning trade yesterday we saw a rally from the pound against
both the euro and the dollar as the
markets anticipated the interest rate decision by the Bank of England.
The central bank left interest rates
unchanged which was widely expected, although there was an outside
chance of a rate cut.
The pound gained
around half a cent against the dollar to break through $1.96 but has
lost some of those gains this morning.
Against the euro there was a similar story, a small gain in the run up
to the rate decision, but then as the ECB
also left rates on hold, the pound gave up its gains almost immediately
and is finishing up the week at a low
of 1.2632.
No data today.
Euros:
The euro had a good day against the dollar yesterday and
has continued to push upwards against the greenback
this morning.
The European Central Bank kept interest rates unchanged at
4.00% and the rhetoric from
the accompanying statement by ECB president Jean Claude Trichet didn’t
really signal anything different on
their views of how the economy is performing.
We have seen a gain of
over 1 cent against the dollar from
$1.5328 to be trading at $1.5446 this morning, although market sentiment
does seem to lead towards a
stronger dollar.
Against sterling we saw the euro weaken in the run up
to the rate decision in the UK, but as
the ECB also left rates unchanged, the single currency made back those
losses and has rallied this morning to
0.7911.
General Euro Currency News:
• Oil hit another record high today as we saw $124.70 hit in Asian
trade.
• The yen strengthened slightly yesterday as carry trade positions were
unwound, due to investors risk
tolerance decreasing and shunning the higher yielding currencies. We saw
a cent loss on USD—Yen
and 1 % gain in the favour of the Yen against the pound.
EURO / GB POUND 0.7937
GB POUNDS / EURO 1.2631
BRITISH POUND / US DOLLAR 1.9524
EURO / US DOLLAR 1.5454
GB POUND / JAPANESE YEN 201.47
GBP/AUD 2.0735
GBP/NZD 2.5217
GBP/ZAR 14.8728
GBP/CHF 2.0406
GBP/CAD 1.9777
GBP/SGD 2.6740
GBP/THB 62.40
GBP/HKD 15.2223
The above rates are for indication purposes only and
are not applicable for
holiday money.
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