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Currency news this week 160412
16 April 2012

Sterling enjoyed another good week after the Easter break, particularly against the Euro where we saw the best exchange rates since August 2010. However we have a busy week ahead, and any signs of economic weakness in the UK will be likely to send the Pound lower, since sterling may prove not to be the safe haven currency that investors are hoping for.

The key events to look out for in the UK are likely to be Tuesday's inflation figures, Wednesday's Bank of England minutes, and Friday's retail sales. Remember that it is good for UK exports if the Pound weakens, so the Bank of England may be keen to halt the recent rise in sterling's value too.

Last week also saw improvements in exchange rates for sterling against the South African Rand, but falls against the Australian Dollar and Japanese Yen. In trading today, the Pound has lost value against the Euro, but gained against the Canadian and US Dollars and UAE Dirham rates, despite better than expected US retail sales figures.

Spanish debt problems also continue to hit the headlines, with the cost of borrowing for the Spanish government this morning rising above 6% for the first time since December. Spain may now impose tough spending cuts on the 17 regional authorities in an effort to placate markets and avert a Greek-style crisis, which of course will have implications for Euro exchange rates in the coming weeks and months.

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