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The Pound has started to creep up again against the Euro as speculation continues to rise once more as to what we will see next from the European Crisis.
Somehow part time magician and head of the European Central Bank had managed to magic away negativity surrounding the Euro and had helped it gain back more than five cents against the Pound in the last two weeks following comments that he felt the Euro was irreversible and that the European Central Bank would continue to buy up European bonds in order to keep levels lower.
Before this, Spainish and Italian bonds had crept above the 7% mark which not officially but has in the past led to countries asking for a bailout. In my opinion Spain have already kind of had their bailout as their banks have received a boost of funds and numerous regions in Spain have been bailed out, This in my opinion is a very tactful way of bailing out the country without having to actually say that they have.
With so many issues in Europe at present I struggle to see the Euro gaining much more strength before the next big news hits the front pages and investors get shaky again, this could weaknen the Euro so in my opinion now may be a good time to sell Euros and take advantage of the shift in your favour. This could also weaken the riskier currencies such as the Australian Dollar, South African Rand and New Zealand Dollar. If you are looking to buy Euros then it may be worth keeping a keen eye on rates as things are changing so quickly you may need to act fast if the Bank of England decide to put a spanner in the works for the Pound before any negative Eurozone news arises.
The Bank of England minutes from their last interest rate decision were indeed released this morning and nothing of great note had been spoken about so for the time being Pound holders are safe.
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Just when it all looked a little too good to be true as always something came back to completely knock the Pound this morning. Sterling had been at a two and a half year high against a basket of major currencies until 09:30am this morning when we saw Gross Domestic Product figures come out at a much worse than expected -0.2%.
What does this mean?
This is not great news at all for the U.K economy, many economists thought we would see a slightly positive figure and it looked like this was priced into the market so we have seen the Pound drop away against all major currencies in early morning trading, great news for those selling a foreign currency and terrible news for those with the need to buy foreign currency.
The Pound has not taken as much of a hit as one would have expected even following this news so I don’t think it is all doom and gloom and many other economies globally are indeed in deeper waters than the U.K but it will hold back the Pound ever so
slightly in the near term.
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