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Currency news this week 140512
14 May 2012

Another good week for sterling last week, as the Pound took advantage of further factions in the Eurozone to hit its best rate against the single currency for over 3 years. Greek and French political uncertainty, with rising anti-austerity sentiment across the Eurozone, have hurt the Euro and are providing excellent exchange rates for Euro payments. 

Against the US Dollar, rates have also remained stable near the top of recent trading ranges. 

This week, we have a lot of data out which will do much to define sterling's next movement. The most important is Wednesday's quarterly inflation report, which is seen by markets as an indicator of inflation, growth, QE and interest rates in the UK. All of these are of influence on the Pound, so we would expect to see some volatility. If the Bank of England are predicting inflation to fall and growth to continue stalling, the outlook will be for interest rates to stay where they are and the possiblity of increasing QE will be on the agenda again. Last week, the Bank decided not to increase QE for May, which was one of the positive factors for sterling. 

On Tuesday we also have the UK goods trade balance, as well as unemployment on Wednesday. Both are important and we see the Pound as susceptible to a fall if any weak data should emerge to remind us that whatever the troubles elsewhere in the world, the UK economy is not exactly winning any prizes either. 

For those of you buying or selling US Dollars, the Federal Reserve minutes on Wednesday evening will also be one to watch.

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