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Exchange rates: Pound Euro expected to maintain tight range PDF Print E-mail
Written by Sam Coventry   
Tuesday, 27 July 2010 09:27
The euro found support yesterday afternoon as Hungary's monetary council issued a statement saying that it may have to increase the interest rate.

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The Pound Dollar exchange rate is 0.065% lower on the hour with 1 GBP = 1.5465 USD at 10 AM in London.

The Pound Euro exchange rate is 0.173% lower with 1 GBP = 1.1895 EUR.

The Pound Australian Dollar exchange rate is 0.374% lower with 1 GBP = 1.7102 AUD.

The Euro currency is still finding support against the British Pound after positive data from the eurozone's manufacturing and service industries last week.

"Today the pair is likely to trade within a relatively tight range today as there is a lack of economic data from either region," says a note from the dealing desk at foreign exchange brokers Caxton FX.

Yesterday we saw the exchange rate between the Pound and Euro close marginally down on the day against the single currency, having hit a high over 1.2010 at about mid-morning.

On a day with very little data out, sterling found strength in the morning session but stumbled in the afternoon to close relatively flat on the day.

The euro found support yesterday afternoon as Hungary's monetary council issued a statement saying that it may have to increase the interest rate.

The better than expected stress test results helped the euro to gain on Monday, although gains were muted as investors speculated that the stress tests were not strict enough to support a rally.

Pound Dollar rate


Sterling hit a three month high against the dollar on Monday, extending gains from Friday's bullish GDP figure.

Figures on Friday showed that the UK economy had expanded almost twice as fast as expected in Q2, growing at 1.1%, suggesting the economy was on a better footing than expected.

Caxton FX say:

"Higher risk currencies and global stock markets rose on Monday after benign European bank stress test results late last week helped to prompt demand for riskier assets.

"However, the market is sceptical about sterling's rally as the UK economy is still to feel the full force of deep cost cutting and tax rises later this year.

"Sterling has opened up again today, as better than expected new home sales figures from the US yesterday helped boost investor risk appetite.

"This afternoon the market will be looking towards consumer confidence data out of the US at 15.00 BST."
Last Updated ( Tuesday, 27 July 2010 09:30 )
 

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