EURO/GBP – 1.1857
US$/GBP – 1.6058
CHF/GBP – 1.5625
CAN$/GBP – 1.5824
AUS$/GBP – 1.5956
ZAR/GBP – 11.6423
JPY/GBP – 133.55
HKD/GBP – 12.5165
NZD/GBP – 2.1159
SEK/GBP – 10.4115
US$/EURO – 1.3539
Sterling fell against a stronger US dollar on Friday after investors sold sterling on a lack of clarity about interest rates from the Bank of England. Sterling had been on a strong run on speculation that stubbornly high interest rates would see an interest rate hike in the early summer. However, with the Bank keeping interest rates on hold on Thursday (despite talk from key policy makers about raising interest rates to deal with inflation) investors were left confused and sold sterling on the lack of clarity. This week should see a little more clarity with the latest inflation figures and the Bank of England’s inflation report. Call in now to speak to one of the team for a live exchange rate.
In the euro zone, the euro slipped against the US dollar despite briefly posting gains on the news that Egyptian President Mubarak had resigned. This helped boost sentiment towards the riskier euro as stability returns to the country. However, the euro struggled to break over $1.35/€1 and as such is set to struggle this week. In terms of data, the key event is GDP data that is released on Tuesday. We could see some volatility, so call in to ensure you are protected.
In the USA, the US dollar strengthened against both the euro and sterling as a lack of clarity on UK interest rates and the euro zone debt crisis helped drive the US dollar higher. A recent run of strong US data also helped the dollar. In terms of data, there is a wide array of data including retail sales and producer price inflation.
Elsewhere, Vietnam devalued its currency for the 3rd time in a year in an attempt to address the economic turmoil that is gripping the country. The Dong has been devalued 6 times in 3 years. It could see some issues developing in South East Asia, so certainly something to keep an eye on.
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