British Pound Sterling: Currency at 10 week high vs EUR
- Details
- Category: Exchange Rates
- Published on Friday, 19 August 2011 08:23
- Written by Sam Coventry
The pound euro exchange rate is trading at a ten-week high as market nerves weigh on the single currency.
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The pound dollar exchange rate is 0.398% lower with 1 GBP = 1.6501 USD.
The pound Australian dollar exchange rate is 1.657% higher with 1 GBP = 1.5908 AUD.
"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. The early signs of stabilisation in the stock market that we have seen in recent sessions have been totally erased by this latest instalment from the US economy," says a note from UK money transfer company Caxton FX.
Today’s session brings some UK public sector net borrowing data, but attention will be focused more than ever on movements in the stock market. Another ‘risk off’ and safe-haven friendly session seems likely.
The pound euro exchange rate is trading at a ten-week high as market nerves weigh on the single currency.
Monthly UK retail sales data revealed a significant and sharper than expected slowdown, but sterling remained in demand throughout the session regardless. As well as French and German stock markets both sliding by over 5.0% on the day, there was some concerning news regarding the recent Greek bailout, which hurt the euro. Several eurozone nations including the Netherlands, Austria and Finland are demanding collateral from Athens in return for their contribution to the country’s aid package.
This pair is trading strongly above €1.15 and with equities seemingly likely to be on the back foot again today, it is difficult to bet against another strong day for the pound.
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