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Riskier assets continued to be sold off yesterday in favour of safer currencies such as sterling, and particularly the US dollar.
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The euro stabilised yesterday after Monday’s sharp fall, until German Chancellor Angela Merkel rejected the possibility of raising the limit of the future European bailout fund, the European Stability Mechanism.
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The euro sold off badly yesterday as market disappointment at the lack of major progress at last week’s EU Summit took effect.
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After a huge amount of build-up and anticipation, last Friday’s EU Summit was something of a damp squib.
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Yesterday’s session saw the euro initially strengthen as the ECB, in a bid to quell a looming recession, announced a .25% cut to its interest rates, with the base rate now standing at 1 percent.
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The euro suffered an unexpected slide yesterday as a German official warned the market that it may have got its hopes too high for progress coming out of tomorrow’s EU Summit.
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Confidence has gradually recovered from the news that rating agency Standard & Poor’s has put fifteen eurozone nations on a negative watch.
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The European markets have opened to the headline that Standard & Poor’s has threatened to carry out a mass credit downgrade of eurozone nations if EU leaders fail to reach some agreement at Friday’s EU Summit.
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The euro is trading positively this morning on news that Italy has announced €30bn worth of austerity measures, made up of VAT increases and a raised pension age.
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After the hectic movements of Wednesday, yesterday’s session was far more a range-bound day of consolidation.
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The central banks of Switzerland, the UK, the US, Canada, Japan and the eurozone collectively announced coordinated liquidity measures to help ease the pressure on the global (and particularly) the European financial system.
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A bond auction saw Italian bond yields close in on the 8% mark yesterday, which represents yet another euro-era high.
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News from the weekend suggested Italy could be in line for an IMF aid package worth €600bn.
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News from the weekend suggested Italy could be in line for an IMF aid package worth €600bn.
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The euro is suffering major pressure against the dollar but sterling is struggling to capitalise at present.
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Wednesday’s session was a tough one for the euro; it took a hit from a horrendous industrial new orders figure but the main factor weighing on the single currency was German (yes, German) bunds that came under pressure.
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US GDP for the third quarter came in at a disappointingly low rate of 2.0% (annualised), well below expectations of a figure half a percent higher.
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Sterling had a torrid start to the week, losing ground to both the US dollar and the euro yesterday, showing some signs of being overbought.
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Last week’s announcements revealed lower UK inflation, high unemployment and reduced growth forecasts from the Bank of England.
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UK retail sales for October came in well above expectations yesterday, showing some impressive growth against expectations of a contraction.
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Poor UK data ensured that sterling traded heavily yesterday. The UK unemployment rate reached 8.3% in October, which represents a 15-year high.
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Rumours of French and Austrian debt downgrades hurt the euro yesterday, and overshadowed any positive sentiment relating to some better than expected US retail sales figures.
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Mario Monti had a rude awakening to his tenure as new Italian PM, as yields on sovereign debt throughout the euro-zone shot up.
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Stock markets were up today on news that ex-EU commissioner Mario Monti has been appointed to take the helm of Italy’s new technocratic government. Silvio Berlusconi’s departure was confirmed on Saturday, when new austerity measures were passed by both houses of Italy’s parliament.
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The euro pared back its recent losses yesterday, and extended gains against its major counterparts, as the market took respite in the Italian 10-year bond yields retreating back under the psychological 7 percent level after an ill-timed sale.
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Stock markets fell, and risk appetite waned during yesterday’s session as it was revealed that Italy’s borrowing costs were becoming unsustainable, with yields on their 10-year bonds peaking at 7.48 per cent – a euro era high.
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The Italian budget vote was passed, though not with a parliamentary majority and Berlusconi has since agreed to step down as Prime Minister. Risk appetite ticked higher as a result of his exit, but confidence levels have waned a little this morning.
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Monday’s session saw rumours surface of Berlusconi’s resignation (he has not), ahead of today’s crucial Italian budget vote, which could see the Italian premier step down if it is rejected.
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The weekend headline is that a Greek coalition government has formed to approve the recent bailout deal, and Prime Minister Papandreou has unsurprisingly stepped down after his referendum debacle.
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The ECB provided the market with a surprise yesterday by cutting interest rates from 1.50% to 1.25%; Mario Draghi certainly made an impact in his first meeting as president of the central bank.
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The US Federal Reserve’s statement revealed a fairly positive view of US economic growth in the third quarter, but stressed that “significant downside risks” remain and the market took more notice of downgraded US economic forecasts.
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UK GDP in the third quarter of this year picked up to 0.5%, above expectations and well above Q2’s 0.1% showing.
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Sterling enjoyed major gains in unusually thin trading yesterday; the end of the month can often throw up some surprising movements and this was one such day.
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It was a quiet end to a hectic week last Friday, but the dollar has found some favour over the weekend as a result of currency intervention from the Bank of Japan.
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The euro enjoyed enormous gains yesterday as markets continued to trade positively in response to Wednesday’s debt package.
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After some very nervous trading in the build up to the announcement of a deal struck by EU leaders at yesterday’s Summit, the euro is trading very positively.
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The long-awaited EU Summit has finally arrived and we will (hopefully) get a look at EU leaders’ attempt at a “comprehensive package” to deal with the eurozone’s various economic and fiscal issues.
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Monday’s session saw plenty of range-bound trading as investors laid in wait for concrete news out of the eurozone.
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The weekend’s EU summit produced no final decisions, as was hinted to be the case late last week.
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There were mixed headlines of the eurozone yesterday. Investors were encouraged early on after a document was released which set out guidelines under which the bailout fund will be able to buy up bonds on the secondary market.
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MPC minutes from yesterday revealed that all nine members voted unanimously in favour of the additional quantitative easing decision earlier this month.
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Yesterday's major UK news was that headline inflation rose to 5.2%, well ahead of expectations of a rise to 4.9%.
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The euro failed to build on a strong start to the session, as comments out of Germany suggested the market’s expectations of a long-term solution to the region’s debt crisis to come this weekend were overdone.
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Market confidence levels were elevated once again on Friday, buoyed by some surprisingly strong US retail sales figures.
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A somewhat calmer day in the currency market yesterday; today’s US retail sales should attract a little more interest.
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Yesterday was another strong one for risk sentiment, which saw the euro and aussie dollar benefit in particular.
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Sterling had another poor session yesterday; most likely attributable to not just the Bank of England’s quantitative easing announcement, but upon growing speculation of the QE programme being expanded once again in coming months.
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In thin trading due to a US bank holiday, the euro enjoyed an exaggerated move higher thanks to Merkel and Sarkozy’s pledge to come up with a comprehensive plan to deal with the debt, growth and financial issues in the eurozone.
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Last week finished with a much stronger than expected US non-farm payrolls figure which created a ‘risk on’ trading environment and weakened the dollar.
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Sterling had a torrid time yesterday as the Bank of England announced QE2; £75bn of additional asset purchases in order to boost the UK’s struggling economic recovery.
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Yesterday’s UK services figure gave an impressive showing, exceeding expectations by a considerable margin. However, the final UK GDP figure for the second quarter was revised down to just 0.1%.
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The theme of dollar strength and risk aversion was interrupted by some encouraging remarks from Ben Bernanke indicating that he may resort to further quantitative easing to boost the US economy.
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Monday was yet another weak session for the euro as economic data pointed to a eurozone recession and as European ministers mooted greater private sector involvement in Greece’s second bailout.
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Friday saw the single currency weaken off sharply amid disappointing German retail sales data and generally weak investor sentiment.
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Germany yesterday approved the expansion of the eurozone bailout fund, which failed to offer the much support. 11 eurozone states have now approved the changes to the EFSF.
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Sterling/euro continues to trade sideways around the €1.15 mark; the next main event is the German vote on the bailout fund.
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Sterling/euro continues to trade sideways around the €1.15 mark; the next main event is the German vote on the bailout fund.
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A stronger day for global equities saw the dollar weaken off a little yesterday, giving the euro some room to recoup a fraction of its recent heavy losses.
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The euro has suffered a further slide since Friday thanks to a lack of progress from the weekend’s IMF and ECOFIN meetings.
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It was a case of more of the same yesterday; more dollar strength and more risk averse trading.
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Last week was a stronger one for the euro, which made a moderate recovery from the sharp fall suffered as a result of mounting eurozone debt concerns.
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A major headline yesterday came from the IMF, which cut its forecast for global growth and warned of severe repercussions if the European debt crisis isn’t contained and if US policymakers don’t get a handle on their fiscal plan moving forward.
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The eurozone crisis continues to permeate the market today as investors woke to news that Italy has had its sovereign debt rating cut by Standard & Poor from A+ to A, with a negative outlook.
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Last week was a stronger one for the euro, which made a moderate recovery from the sharp fall suffered as a result of mounting eurozone debt concerns.
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Yesterday’s session saw a highly significant show of action from several G7 central banks, which announced a joint dollar-funded liquidity programme to alleviate stress in the European banking system.
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The euro actually traded relatively strongly in the face of the Austrian parliament’s refusal to approve the European bailout fund’s recent upgrade.
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An uptick in UK headline inflation failed to ease concerns that the Bank of England is soon to introduce further quantitative easing.
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The euro had a stronger day yesterday but remains vulnerable to further slides with the next eight billion euro bailout tranche looking so uncertain.
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The euro has come under broad selling pressure, hitting a six month low against both the pound.
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The Bank of England kept rates on hold at 0.50% yesterday, and crucially announced no further quantitative easing.
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The euro continued to benefit from support as a result of the German court ruling that the eurozone bailouts were legal.
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Yesterday’s session saw some major activity; the Swiss National Bank set a minimum EUR/CHF target rate of 1.20, which had ramifications throughout the currency pairings.
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Growth in the UK services sector suffered the sharpest slowdown in a decade in August, which in combination with last week’s poor construction and manufacturing data, paints a worrying picture of the UK economy.
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After a week of promising US data temporarily eased fears of a US recession, last week’s key monthly employment figure revealed that there had been no additions whatsoever to the non-farm payroll.
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The UK manufacturing sector provided some more poor data yesterday, showing another month of contraction, though at a very marginally slower pace than in July.
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There was no surprise month-end moves this time, yesterday’s session was a case of sideways trading among the majors, though the euro has weakened significantly this morning.
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Tuesday’s session was a poor one for sterling, which lost ground across the board as the safe-haven investment we have seen in August was unwound amid increased risk appetite.
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Last Friday’s session saw the release of some important UK and US GDP numbers. The revised Q2 UK growth figure remained at a disappointing 0.2%, though this was in line with market expectations.
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The US dollar was the outperformer in yesterday’s session. Nerves jangled in the US and European stock markets and investors fled to the safety of the greenback, though it softened up somewhat in the Asian session.
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It seems the market has its eyes very much fixed on Friday’s speech from Bernanke. It was a case of more range-bound trading, despite plenty of fundamental data for the markets to work off.
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Against some of the riskier commodity-linked currencies, sterling was on the back foot but against the majors, the pound broadly traded flat on the day.
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Last week was characterised by another slump in global equities as a result of poor US growth data. Sterling has climbed to the top of its trading ranges against both the euro and the dollar and it will be interesting to see whether its newfound safe haven status can propel it higher.
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The major story from yesterday’s session was some abysmal US manufacturing data, which triggered huge losses in global equities and a sell-off in riskier currencies.
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Yesterday’s MPC minutes revealed a major shift in the voting pattern; the last two remaining hawks (Weale and Bean) joined the dovish camp, voting to keep interest rates on hold at 0.5%.
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Merkel and Sarkozy’s meeting yesterday failed to trigger any major swings yesterday but the results were broadly disappointing.
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The dollar was very much out of favour yesterday. Equities continued to bounce and some poor US manufacturing data reduced demand for the greenback.
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A more stable day in the equities market on Friday, helped by some stronger than expected US retail sales data, improved risk appetite.
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European stocks started on the back foot but a more positive US session more than made up for this, helping the euro to bounce back a little against the dollar, though that pair remains towards the bottom end of its range.
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The Bank of England’s quarterly inflation report revealed downgraded growth prospects for the UK economy, which does not come as much of a surprise given the noticeable slowdown in growth figures over the past three months.
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The US Federal Reserve announced last night that the US interest rate will be kept ultra-low (<0.25%) for the next two years at least.
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The US debt downgrade story triggered major losses in global stocks, which intensified dollar-friendly safe-haven flows in the short-term.
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Friday’s session brought a modicum relief to the markets in the form of some better than expected US non-farm payroll figures.
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The Bank of England stuck to the script yesterday by keeping the UK interest rate on hold at 0.5%.
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Some much-needed good news came from the UK economy yesterday in the form of some far better than expected UK services sector data. S
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Aside from the Senate passing the Budget Control Act and President Obama signing it into US law, the major story from yesterday’s session was the posting of fresh record highs in Italian bond yields
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A deal to increase the US debt ceiling was passed through the House of Representatives last night and the bill should pass through the Senate today.
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Some positive reports of a deal on the US debt issue have emerged from the weekend but the market will want evidence within a concrete bill.
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The dollar continues to trade strongly, benefitting from safe-haven demand as a vote on the debt ceiling was delayed.
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Confederation of British Industry order expectations data put sterling broadly on the back foot yesterday.
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The second quarter UK growth figure was released in line with forecasts of 0.2%.
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The dollar is making serious losses across the board as a result of concerns surrounding the US debt ceiling issues.
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On a relatively quiet day in terms of economic releases, the markets focus will predominantly be on the debt deadlock in the US.
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The market reacted well to news that Euro-zone leaders agreed on a second rescue package for debt-stricken Greece which included €109 billion of government money, plus a contribution of €50 billion from private bond holders.
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Despite rumours of an eighth recruit to the MPC’s dovish camp, the voting pattern showed seven members voted ‘no change,’ two for a rate rise and Adam Posen was yet again the lone member to vote for further UK quantitative easing.
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Yesterday’s session was fairly range-bound amongst the majors ahead of today’s MPC meeting minutes.
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We saw some fairly major swings on a Monday session that looked set to be a quiet start to the week.
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Last Friday’s European stress tests revealed that 8 banks have inadequate capital to deal with possible shockwaves caused by the debt crisis.
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Yesterday’s session saw the release of yet more poor US data, in the form of some stagnant retail sales figures.
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Today’s session is a very important one in terms of informing ECB and Fed monetary policy moving forward.
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UK headline inflation dipped from 4.5% to 4.2% y/y, a downside surprise which put the pound on the back foot initially.
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The euro found it very hard going indeed yesterday, as concerns over debt contagion to Italy mounted.
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Friday’s session was all about the crucial US non-farm payrolls figure, which disappointed alarmingly.
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The euro finally received some much-needed support from some positive comments by Trichet regarding both the possibility of further interest rate rises and Portuguese financial help.
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The Portuguese debt downgrade headline weighed on the single currency throughout yesterday’s session.
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The pound benefitted from a welcome upside surprise in the form of the UK services sector growth figure for June. However, the figure was still not too impressive and we are already seeing that sterling’s gains are proving hard to sustain.
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Yesterday’s session was a slightly quieter one, a rarity of late. UK construction sector growth in June came in precisely on expectations yesterday, revealing a modest slow down in activity.
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Sterling was totally out of favour yesterday ahead of today’s UK manufacturing sector growth figure for June.
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Sterling was totally out of favour yesterday ahead of today’s UK manufacturing sector growth figure for June.
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Yesterday’s European session was initially an example of ‘buy the rumour, sell the fact.’ Investors bought the euro in expectation that the Greek parliament would pass its government’s austerity package, and sold it so as to book their profits.
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The euro benefitted from growing optimism that the proposed Greek austerity measures will be passed through the struggling nation’s parliament today.
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Yesterday’s session was a very quiet one on the data front, but traders showed some optimism towards the single currency.
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This morning sees the single currency on the back foot amongst widespread market jitters before Greece’s parliament meet to discuss their unpopular austerity measures.
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The single currency yesterday pared back its gains that it made the previous day after the Purchasing Managers Index revealed a raft of disappointing manufacturing and services data from the two European strongholds of Germany and France.
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Sterling spent the European session firmly on the back foot across the board. The MPC minutes revealed that quantitative easing had been carefully considered by MPC members other than Adam Posen (who is very much in the dovish camp).
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Yesterday’s session was a story of dollar weakness ahead of today’s crucial Fed rate statement and subsequent press conference.
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The euro had a stronger session yesterday as Jean-Claude Juncker stated that the Greek PM assured him his government would do everything necessary to ensure financial aid.
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The single currency enjoyed a much stronger session on Friday, leaving the key EUR/USD pair flat after a very turbulent week.
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UK retail sales undershot already pessimistic forecasts yesterday, which saw sterling erase some of Wednesday’s gains.
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The euro was very much out of favour again yesterday, as investors demonstrated their nervousness about the Greek issue.
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Defying rumours of a lower figure, UK inflation for May came in at 4.5%, in line with median forecasts.
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Sterling enjoyed a stronger session yesterday, making some decent gains as investors seemingly positioned themselves ahead of today’s monthly UK inflation figure.
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Friday’s session brought yet more bad news from the UK economy; industrial and manufacturing figures showed an alarming monthly contraction.
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Sterling made some much-needed gains against the single currency despite euro-positive news from the ECB.
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Sterling/euro continued its steady descent from its recent high of €1.16, with an IMF appraisal adding keeping sterling under pressure.
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This pair remained range-bound yesterday, struggling to break away from the €1.12 level, but a warning from Moody’s has sparked a sterling sell-off this morning.
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Sterling/euro continued its steady descent from its recent high of €1.16, with an IMF appraisal adding keeping sterling under pressure.
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Sterling/euro continued its decline down towards €1.12, as the key UK growth figure disappointed for the third consecutive month.
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Sterling’s slide against the euro continued yesterday, despite some slightly better news from the UK economy.
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Weak UK manufacturing data triggered a decline in this pair of a full cent since yesterday morning.
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Sentiment towards the periphery showed early signs of a recovery yesterday, as the euro closed over a cent lower on the day.
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Having ascended to €1.16 last Thursday, Sterling/euro is back trading down well below €1.15 on Greek optimism.
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Sterling/euro enjoyed some excellent gains yesterday, reaching a two and a half month high up at €1.16, but again the euro found decent support in the Asian session.
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Sterling/euro benefitted from Greek concerns yesterday, but overnight comments from China erased sterling’s gains.
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The pound is hovering at a 2-month high this morning, trading up against its euro counterpart with the single currency pressurised by Greek uncertainty.
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Sterling/euro actually declined by half a cent in a very quiet session, but the euro may struggle to hold on to these gains.
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After a poor week for sterling, sterling/euro managed to end Friday’s session on the up thanks to Greek debt woes, and it has started this week on the same note.
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Despite some excellent retail sales data, sterling failed to make any sustained gains yesterday as the market remains unconvinced.
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Sterling lost ground as mixed UK employment data gave investors further reason to get out of the pound.
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After some encouraging early gains took this pair above 1.15, sterling spent the rest of the session on the back foot.
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Sterling lost a little ground yesterday as the market was comforted by a solution to the Portuguese issue, but UK inflation expectations have erased those losses.
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Strong eurozone data fails to give the euro any lasting support as debt concerns continue to weigh.
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This pair erased all of the previous gains made on the back of the UK inflation report, as UK data once again reminded investors of the UK economy’s weakness.
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Sterling climbed to a six-week high after King hinted at a BoE rate rise late this year.
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After a strong start to the day, sterling lost ground to the euro as a Dow Jones report indicated a Greece solution.
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Sterling made further gains against the euro as Greek rumours continue to spook investors.
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Sterling benefitted from further euro selling after strong US employment data and rumours of a Greek euro-exit.
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Sterling finished flat on the day against a strong euro; the market seems to have made its mind up about a BoE rate rise before Q4.
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Sterling fell sharply on the poor UK manufacturing data and continued to slide throughout the session to a loss of a cent against the euro.
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Gains made in the wake of last week’s GDP figure have since been erased, as sterling/euro hovers above multi-month lows at €1.12.
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After testing multi-month lows at €1.12 early on in the session, sterling enjoyed a welcome upsurge as the UK economy returned to growth but gains are proving short-lived
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Sterling lost further ground to a broadly stronger euro amid growing market pessimism towards today’s UK GDP figure.
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Sterling climbed by around a cent following Thursday’s UK retail sales data, but has since dipped back down to €1.13 where trading is likely to hover throughout the session.
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Sterling slumped lower against the euro yesterday as MPC minutes push expectations of a BoE rate rise even further back.
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The pound has almost entirely given back its gains from earlier in the week; once again we’re seeing the single currency well supported on ECB interest rate differentials.
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The euro had an awful day yesterday – it’s first such day in a long time - as various reports from across the periphery hit sentiment towards the region, helping sterling to climb above €1.14
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Peripheral debt concerns continue to hinder the single currency, but this pair remains at very low levels as interest rate differentials provide a buffer against any major euro decline.
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The euro suffered yesterday as a German government minister voiced concerns over Greek debt, with the pair now trading back at €1.13.
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After a brief sell-off in response to some confusing UK employment data, sterling steadily recovered to finish on the front foot around €1.1275.
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Sterling suffered a sharp sell-off yesterday as UK inflation undershot considerably, closing the day near a cent lower just above €1.12.
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This pair remains range-bound between 1.1280 and 1.1380 ahead of today’s key UK inflation data.
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Sterling suffered a further dip against the euro on Friday and this trend has continued this morning as interest rate differentials continue to drive the market.
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After making some early gains against the euro, sterling has dropped well below €1.14 as Asian investment in the single currency kicks in overnight.
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Sterling suffered yesterday as disappointing economic data offset previous gains, but the pound has climbed back to €1.14 this morning.
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Strong UK services sector figures helped the pound regain some lost ground, hitting a two-week high as some confidence in the UK economic recovery was restore.
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This pair remained fairly tightly range-bound yesterday as the response to decent UK construction figures failed to spark more than a brief sterling rally.
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This pair has remained largely range-bound since Friday morning, trading close to the €1.1350 mark with euro’s rally showing signs of running out of steam.
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The pound slumped to a fresh 5-month low against the euro yesterday but has picked back up toward 1.1350 this morning.
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This pair traded in a very tight range yesterday but sterling has made some early gains this morning up towards €1.14.
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29.03.11 The morning report
Although Standard & Poor’s cut the credit rating of five Portuguese banks, sterling extended losses against the euro as Trichet gave speculators cause to move on an otherwise quiet day.
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28.03.11 The weekly market analysis
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25.03.11 The morning report
Sterling endured a sharp slide to a five month-low against the single currency yesterday amid poor economic data.
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24.03.11 The morning report
Sterling recovered early losses against the single currency as eurozone troubles took the edge off disappointing MPC minutes.
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23.03.11 The morning report
Sterling enjoyed a rare strong session against the single currency yesterday, with high UK inflation putting a BoE rate rise back on the near-term agenda.
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22.03.11 The morning report
The markets responded positively to the BoE’s quarterly bulletin, helping sterling climb up towards €1.15, but lacking the momentum to go through.
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21.03.11 The morning report
Huge euro-buying from the ECB saw sterling slump further against the single currency on Friday, dropping half a cent below €1.15.
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In another volatile day, this pair continued to trade in range yesterday but sterling has weakened by over half a cent this morning against the euro, dipping well below 1.15.
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After a volatile session, sterling continues to trade just above the €1.15 mark, as mixed data fails to make an impact.
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Sterling continued its decline yesterday stooping to a fresh four-month low under €1.15, but has had a stronger morning as Portugal’s credit downgrade once again knocks confidence in the eurozone.
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After dipping to a 4.5 month low, the pound slowly recovered half a cent to reach above 1.1550, amid a shortage of market-moving announcements.
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Sterling dips to a fresh one-month low against the euro at 1.15, as the EU summit makes unexpected progress on debt issues.
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The Bank of England’s rate decision has put the pound on the back foot with the sterling threatening to dip back below 1.16 this morning.
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After another stagnant session yesterday, the pound is pushing higher this morning amid growing concerns about the eurozone’s debt crisis.
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The pound crept higher against the euro in a range bound session with much of the same expected today.
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The pound slipped to a five-week low against the euro yesterday, briefly dropping below 1.16 with the ECB’s rate policy dictating direction.
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07.03.11 The morning report
The pound hit a one-month low against a buoyant euro on Friday as investors continue to price in an ECB rate rise next month.
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07.03.11 The weekly market analysis
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04.03.11 The morning report
The pound suffered a sharp fall yesterday with Trichet’s comments shifting sentiment in favour of the single currency.
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03.03.11 The morning report
As with yesterday, the pound is continuing to hover just below 1.18 today, holding in a comparatively tight range ahead of today’s ECB meeting.
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02.03.11 The morning report
Sterling continued its rally against the single currency yesterday, after positive UK manufacturing figures provided further evidence the recovery is on course.
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01.03.11 The morning report
After last week’s sell-off the pound has begun this week on a stronger footing, pushing up to 1.18 this morning.
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Having fallen to near a four-month low on Friday morning, the pound steadily recouped losses through the session to close back at 1.17.
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Having spiked up to 1.1850 in early trading, the pound steadily lost ground through the session to close back below 1
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Despite some positive UK borrowing figures the single currency was on top again yesterday amid heightened expectations of an EU rate rise.
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In a comparatively quiet market yesterday there was limited movement between this pair but the pound is gaining ground this morning following a sharp drop in EUR/USD.
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Having rallied up near a one-month high, the pound slipped back steadily in later trade to leave the price back at 1.1850.
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The pound rose yesterday, shaking off some of the previous day's losses following robust economic data and comments from the Bank of England's Andrew Sentence.
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The pound dropped back a full cent against the euro yesterday as the QIR cooled market expectations for a rate rise.
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Sterling got close to a one-month high yesterday as investors continue to bring forward their expectation of a near term rate rise.
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Sterling resumed its upward trend against the euro yesterday, climbing near a cent on renewed fears about the stability of the eurozone.
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Having briefly touched a level below 1.18 on Friday, sterling is back on the rise again this morning reaching toward 1.19.
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To view our weekly market analysis.
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The pound held on a solid uptrend yesterday against the euro, climbing over a cent with the market continuing to price in the possibility of a near term rate rise.
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The pound came further away from recent highs yesterday, dropping half a cent against a broadly firmer euro although the price is recovering this morning.
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Sterling took a knock yesterday, dropping back half a percent against the euro, after the government announced a tax increase on UK banks.
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In early trading the pound rose to a fresh three-week high against the euro but pared back gains in later trading and is continuing to hold steady this morning.
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The euro fell to a 3 week low against the pound on Friday on the back of speculation that the BOE will raise interest rates.
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To view our weekly market analysis.
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The pound’s trend higher accelerated yesterday as positive UK data combined with undermining comments from the ECB President.
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The pound received another nudge higher yesterday, moving back through 1.17 following some more positive UK figures.
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Having reached up to 1.1750 in early trading, the pound steadily fell back to close virtually unchanged on the day and is continuing to hover at 1.17 this morning.
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Having erased early losses the pound went on to test 1.17 yesterday, pulling further away from a recent dip to 1.15, helped on by month end flows.
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The pound continued to pull away from two-month lows against the euro on Friday, but concerns about a fragile UK economy weighed on sentiment.
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To view our weekly market analysis.
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It was a steady day for this pair, with trading contained to a comparatively tight range around 1.16 as the market analysed the recent UK announcements.
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Following the shock GDP figure, the MPC minutes were always going to be overshadowed but the additional vote in favour of raising rates did provoke a reaction.
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Sterling recorded a 1.4% drop against the euro yesterday, falling to a ten-week low following news that the UK economy contracted in the fourth quarter.
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The pound dropped to a three-week low against the single currency yesterday, its fifth consecutive session on the slide.
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The pound headed down a further half cent on Friday against a broadly firmer euro, which was boosted following some strong German data.
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To view our weekly market analysis.
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The pound took another step lower yesterday, dropping back below 1.18 following disappointing UK figures.
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Maintaining a very steady move lower, the pound slipped below 1.19 against the euro yesterday with little action seen between this pair so far today.
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The pound failed to hold onto early gains yesterday, slipping back down to 1.19 in later trade with the euro supported by sovereign buying.
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The pound benefitted yesterday against a broadly faltering euro, which suffered as last week's short-covering rally lost steam.
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A volatile end to the week eventually left this pair almost unchanged around the mid 1.1850s but a renewed focus on eurozone debt concerns has led the pound above 1.19 this morning.
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To view our weekly market analysis.
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The pound took a sharp turn south yesterday, dropping over a percent against a broadly firmer single currency following the ECB press conference.
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The trend of muted trading continued yesterday with very little economic data released and investors await genuine sentiment. The euro made early gains after a better than expected Portuguese bond auction helped abate fears over the nation’s debt issues
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Never straying too far from the opening price, this pair was relatively steady yesterday with little new information to guide the markets.
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The pound’s rally took a breather yesterday, holding above €1.20 but coming off its highs as investors took an opportunity to cash in profit.
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Sterling ended the week in much the same way it started, rallying strongly in a comparatively thin market to break above €1.20 far quicker than many had expected.
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To view our weekly market analysis.
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The pound was able to shrug off some unexpectedly weak data yesterday, continuing its run higher with the euro coming under increasing pressure.
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Despite having another strong day against a basket of currencies, sterling struggled against a recovering dollar as preliminary US employment figures raised the expectation for a strong reading on Friday.
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Boosted by encouraging UK data, sterling rose over a cent against the euro yesterday, moving decisively away from its recent two month low.
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Following a couple of days wallowing in the 1.15s at the end of December, sterling has broken back above 1.16 this morning.
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