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A recurring theme for exchange rates
24 July 2015

Last week we saw little in the way of data releases for the UK and Europe with only German PPI figures (coming in under expectation) on Monday, followed on Wednesday by the BOE interest rate and inflation vote and review (unchanged). Thursday and Friday saw UK retail sales come in under-par and Euro-zone Markit services all under expectation, respectively. With weak UK and Euro data overall over the week, cancelling each other out, any movements were almost entirely down to volatility caused by the twists and turns to the Greek tragedy that Shakespeare would have been proud of!

The ongoing Greek crisis again took centre stage on Tuesday morning as the Euro gained around two cents against Sterling with the news that, along with the Greek banks reopening and clearing its debt arrears with the IMF, Greece had stated they wanted a final conclusion to talks by the end of play on 20th August. Later on Wednesday the gain was lost throughout the day as the Greek government sat down to discuss latest reform bills to be implemented, which needed to be implemented in order to receive the eighty-six billion Euro bailout, their third since 2008!

Thursday’s weak retail sales in the UK caused a magnified drop in GBP strength; with little other data to support Sterling, it dropped by over 1.4% during the course of the day.

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