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Currency Market News

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Currency Outlook this week
23 April 2012

Last week saw further gains for the Pound, as expectations of any further monetary easing fell, along with higher inflation and retail sales figures which pushed exchange rates higher. We sae a new best level for Euro exchange rates since August 2010, and the best rates for buying US Dollars for around 5 months.

The Euro was also weaker on continued Spanish debt anxiety, and the US Dollar was cheaper after worse than expected manufacturing and home sales figures.

Exchange rates cannot rise for ever though, and it is worth noting negative comments in the weekend press over the UK's own economic recovery prospects. Despite GDP remaining positive there is still a genuine risk of recession, and with that in mind the next GDP figure due out on Wednesday is certainly a potential banana skin for the Pound.

Many clients have been locking in their exchange rates over the last week with a view to ensuring they don't miss out on the Pound's current resurgence.

Apart from public borrowing on Tuesday there is no other major UK data out, while German retail sales on Thursday will be important for Euro prospects. With US GDP, Swiss trade balance, Canadian retail sales and New Zealand interest rates all announced this week, we could see some volatility in rates.

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