The pound enjoyed a successful day against the euro yesterday, following a rallying FTSE 100 early in the morning. This created demand for higher risk currencies, with sterling being the main beneficiary. In addition, the single currency was hurt after the President of the European Central Bank, Jean-Claude Trichet, highlighted the strains the financial system is facing in the eurozone and the spillover affect this is having on the economy.
The market will take particular note in the IFO’s business climate and expectations survey released in Germany this morning, and mortgage approvals and business investment figures in the UK. However the pound has already given up some of yesterday's gains.
GBPEUR: 1 week chart. Please click on graph to enlarge.
GBPEUR: 1 week chart. Please click on graph to enlarge.
No comments:
Post a Comment