Since my last post sterling exchange rates have reversed the losses that we had seen against the Euro. The European Central Bank did raise interest rates but we witnessed the pound strengthen into the early 1.12’s. It seems that the markets were expecting the 0.25% rise so we did not see the Euro push closer to the 1.10 level.
Today we saw the pound rise to 1.1360 as contagion is now starting t spread to other European countries. Italy seems to be the next country on the radar but markets are worried that Spain could be the next. I feel that the range bound for the Euro over the coming weeks will be between 1.1150-1.1450.
As European markets continue to be dragged through the mud the USD and CHF seems to be the winners. The pound weakened against both currencies today hitting close to an all time low of 1.3290 against the Swiss Franc and 1.59 against the greenback. Looking forward if Euro zone debt worries continue the pound could mover closer to 1.55 than 1.60 verses the USD.
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