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Pound gains on Euro
The Pound made significant gains on the Euro overnight as comments from leading speculator George Soros and negative economic data placed the single currency under pressure. US GDP figures out this afternoon are likely to be a source of market volatility as they are expected to show a deep contraction in quarter 4 of 2008. Continue reading
US Trade Balance Reduced by 28.7%
The US trade balance released yesterday showed a sharper than expected reduction, by 28.7% due to reduced consumer demand and the lower price of oil. This supported the US Dollar internationally at the expense of the Pound and Euro.
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Euro, Sterling Recover
The Pound and Euro have recovered from very low levels last Thursday following interest rate decisions from their respective central banks. Rising unemployment on ‘non-farm Friday’ in the US sent the Dollar lower but markets have gained ground this morning, buoyed by Obama’s announcement of increased government spending to stave off recession in the US. Continue reading
Posted in Currency News, Euros, Other Currencies, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, banks, BOE, currency exchange, currency solutions, currency trading, ECB, European Central Bank, Euros, Eurozone, Interest rates, the pound, Trichet, uk banks, uk economy, UK Pound Sterling, US Dollars, World economy
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Bank Cuts to 2%
Interest rate cuts yesterday forced the Pound to an historic low against the Euro as the Bank of England reduced rates to their lowest level in 57 years. The Bank’s base rate was lowered by 1%, while the ECB reduced rates by 0.75% in a move that was widely expected by markets. Global equities are lower this morning ahead of the publication of US employment figures later in the day. Continue reading
Posted in Currency News, Euros, Financial News, Other Currencies, UK Pound Sterling, US Dollars
Tagged bank of england, banks, BOE, currency exchange, currency solutions, currency trading, ECB, European Central Bank, Euros, Interest rates, the pound, uk banks, uk economy, UK Pound Sterling, US Dollars, World economy
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