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Exchange rate news
08 June 2012

It seems the Eurozone cannot stay out of the headlines - and now Spain has asked for a European bailout.

At home, the Bank of England surprised many last week by choosing not to extend its Quantitative Easing progamme - giving the Pound a short term boost on Thursday.

Despite the Eurozone problems and the Bank of England announcement, sterling has struggled to find any strength, asserting the markets' caution around the UK economy and our exposure to the wider Eurozone crisis. Indeed Euro exchange rates have been steady for the past week, with a little improvement for the Pound against the US Dollar and pegged currencies such as the UAE Dirham.

This week, there is no major UK data due out apart from industrial production on Tuesday. We also have the European Central Bank monthly report and US inflation and retail sales; at the risk of repetition, Eurozone stability is likely to dominate financial headlines.

For those of you sending money to or from Australia, last week's very strong GDP data has strengthened the AUD, with exchange rates dropping over 2c last week. The New Zealand Dollar gained in value too, while rates for buying Thai Baht also dropped around 1%. Rates for buying Canadian Dollars and South African Rand were relatively stable.

Let's see what happens with Spain, while Greece are more in the headlines for their draw with Poland more than their ongoing financial instability. At Currency Index we will be cheering on England this evening, although as with the Pound we do not hold out much hope for a great performance

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