Euro sold against other majors
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
Sterling has a very mixed day against the majors yesterday, rallying sharply against the euro but was sold aggressively against the US Dollar. Long term inflation expectations fell which is good news for the Bank of England to digest, this may give them more room for flexibility on rates.
The US dollar hit a five week high against the Euro making a two cent gain to trade at $1.5552.
This morning the UK telegraph reported Italy is sliding into a deep structural crisis and risks being forced out of Europe’s Monetary Union as the region’s economic downturn gathers pace. Comments like this should keep the pressure on the Euro for some time.
Wednesday 30 July 2008, 11:32am
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