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A positive week for sterling last week, the pound has managed to hold onto recent gains, trading above 1.10 today against the Euro and currently at 1.64 against the US dollar. It going to be a busy week for economic data, dollar weakness is expected to remain as market participants continue to move into riskier assets and higher yielding currencies. Recent sterling strength has made it much more attractive for clients interested in purchasing Euros and US dollars. Many clients have took advantage of the rates by locking in forward contracts for short term requirements.
Tomorrow the bank of England are due to release their minutes from their previous policy meeting. Trader will begin to speculate on discussions surrounding quantitative easing. Any indication that policy makers are less inclined to extend quantitative easing any further could see sterling extend its recent gains. Equally, any talk of an expansion could see aggressive sterling selling.
Tuesday 20 October 2009, 05:19pm
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20 October 2009, 05:19pm
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