What a week for Sterling; weak retail sales, confidence levels down, housing market stalling and two bank of England members Adam Posen and David Miles voting for more Quantitative Easing. With the lack of positive data it is hard for GBP/EUR to sustain a level over 1.20. The ongoing dangers from the Eurozone debt crisis and high oil prices are still weighing heavily on the UK economy.
The euro was the week’s second best performer, pipped to the post only by its constant companion, the Swiss franc. The source of its success was a successful bond issue in which the European Financial Stability Facility raised €1.5bn to boost its fighting fund. Investors were impressed to discover that there were bids for more than three times the amount of stock on offer. It improved their attitude to the euro immeasurably.
The euro is unchanged this morning from Friday’s opening levels.
What to look out for this week…
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