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Global Exchange

Exchange Rates for Thursday 17th May 2012

22 Oct

Sterling falls again

UK retail sales fell by -0.2% in September rather than rising by the 0.3% analysts had predicted. The number gave more weight to the possibility of another round of quantitative easing from the Monetary Policy Committee, as did another fall in mortgage approvals.
 
Before these numbers Sterling was struggling on the financial foreign exchange market after taking a hit against the Euro following better-than-expected purchasing managers' indices (PMI) from Germany and the Eurozone. Even earlier than that Sterling had been on the retreat, apparently as a result of nervousness about the government's spending cuts.
 
In the end though, it was not such a terrible day for Sterling. It recovered from its lows yesterday to open this morning marginally lower against the US Dollar, the Japanese Yen and the Euro. Against the Canadian and New Zealand dollar and the Swiss Franc it is unchanged.
 
The is Euro continues to confound economists and analsyts as it floats serenely above such minor details as rioting strikers in France, an incomplete government bond auction in Spain and bad news in Ireland for Allied Irish Bank's bondholders. Yesterday the Euro was able to set a new 6-month high against Sterling at 89p (£/€ 1.1250).
 
There is no data of note released today and hopefully no more traps for Sterling to fall into and, judging by early market movements it appears the market is going to relent from giving Sterling another kicking.
 
Then again, isn't there always calm before a storm?

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