Currency Line» James Lovick

Pound Drops

James Lovick — Fri, 02 Oct 2009 11:59:32 +0000

After some refreshing gains on the odd day this week the pound has drifted back down yet again. The currency is struggling to keep up the momentum even with more positive news such as the increase in house prices as reported by the Nationwide this morning. For anyone needing euros the market has dropped 0.5%. For anyone needing dollars the pound has dropped by a similar amount. Let’s see if the markets take some more defined direction next week!

Sterling Strength

James Lovick — Wed, 23 Sep 2009 16:48:50 +0000

Sterling strength for a change today and how refreshing it is! The pound seems to have halted its losses against the euro at least. It is probably on the back of the Bank of England minutes this morning which suggest the members are not so keen on more printing money. The markets seem to have taken the news well and the pound has seen a pretty good day against most major currencies. That is not to be complacent either, the Bank of England still desire a weak pound to help our export market and drag us out of recession. The reports of sterling euro hitting parity are probably not helping either!

Sterling Crashing

James Lovick — Tue, 22 Sep 2009 08:03:10 +0000

Last week was a shocker for the pound against all the major currencies and the trend has continued as we have come into this week. This is particularly true for anyone needing to send euros. The focus is on the UK’s soaring national debt and questions are being asked as to how the UK will be able to service it. As such sterling has suffered against nearly all the major currencies as we possibly head towards the parity figures seen very early this year for sterling euro. A few weeks ago anyone needing a currency transfer overseas was in a much better position, now with the tabloids pointing to even weaker levels for the pound the engines could be at work driving the pound lower and quickly.

Sharp falls in price of sterling

James Lovick — Fri, 18 Sep 2009 14:10:53 +0000

What a horrible week for the pound! Sterling exchange rates have dropped significantly particularly against the Euro coming down a good few percent. The mood appears to have changed in the UK with little foreign investment coming in and the focus being placed on rising unemployment and the slow pace of recovery. Even retail sales are starting to slide as we saw yesterday and these factors probably explain why the price of sterling has fallen. Let’s hope for some better news next week?

Sterling Tumbles

James Lovick — Thu, 10 Sep 2009 08:11:46 +0000

The pound has started the morning badly this morning probably in anticipation of the 12 o’clock meeting for the Bank of England. Sterling euro is down 0.3% and it is a similar story against all of the major currencies. For anyone needing Australian dollars or New Zealand dollars the rates of exchange against these currencies are very poor at the moment.

More QE today could be bad news for the pound. However if the MPC sit tight there is every chance we could see a small rebound for sterling taking into account the hefty losses we have seen in recent weeks.