18th March 2011
Good morning. Sterling is at a new 4 month low vs the Euro today, as the Euro is supported by a strong bond auction in Spain. The pound is up slightly against the weaker US Dollar. At 08:30am this morning rates are as follows:
- GBP/EUR 1.1459
- GBP/USD 1.6133
- GBP/AUD 1.6257
- GBP/NZD 2.2172
- GBP/CAD 1.5822
- GBP/CHF 1.4561
- GBP/ZAR 11.346
- GBP/JPY 131.66
- GBP/NOK 9.0516
- GBP/HUF 312.76
- EUR/USD 1.4078
Pound lower vs the Euro; up vs US Dollar
Sterling is very low against the Euro this morning, down well into the €1.14’s after Spain drew solid demand at a bond auction and on the view that euro zone interest rates were likely to rise soon. This strengthened the Euro and is making it more expensive to purchase.
Moving forwards it’s likely Sterling will remain weak due to market jitters caused by the uncertainty in the world at present. Problems in Libya will now escalate as a no fly zone is approved by the UN. This is likely to have an impact on oil prices and also investors will continue to move away from riskier currencies such as the pound.
Against the USD, Sterling is doing well, up into the $1.61’s due to weakness in the dollar. On Monday we will have a full detailed report on GBP/EUR, GBP/USD and a full breakdown of the weeks data that could affect exchange rates.
We end the week with UK mortgage approvals and public sector borrowing figures. Trade balance figures from the EU are also released today, in addition to Canadian inflation numbers.
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