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This weeks currency report
16 July 2012

The current themes in exchange rates continued last week, as we saw the Euro weaken further (posting its cheapest level against sterling again for over 44 months) but struggles for the Pound elsewhere.

Those of you buying Euros will be wondering where the peak might be, and while it's impossible to tell, rates were static towards the end of the week having improved significantly for the previous few days.

This week, we also have important economic releases in the UK, likely to affect the Pound against all other currencies. On Tuesday we have the key CPI measure of inflation, Wednesday sees the Bank of England minutes and unemployment figures, then on Thursday we have retail sales followed by public sector borrowing on Friday. All the releases are scheduled for 9.30am. The Bank of England Governor, Mervyn King, also gives a speech on Tuesday.

So with so much data due out in the UK, there is likely to be some volatility for the Pound. As always, negative data will be likely to bring exchange rates down. With the USA fast becoming a 'safe haven' for investors, the US Dollar rate (and pegged rates such as the UAE Dirham) could be susceptible to further deterioration, and if the Euro debt crisis stays out of the headlines then we see the Euro rate potentially falling too. Of course, we could have surprise good news for the UK economy, but there has been virtually none in recent months.

Elsewhere exchange rates were fairly stable last week, with little movement for the Pound against the New Zealand, Australian or Canadian Dollars, South African Rand and Thai Baht.

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