Recession confirmed by the Bank of England

Published on in Foreign Exchange News by
The UK economy is fundamentally weak and heavily exposed to the Eurozone problems and with the recession confirmed there is increasing pressure on the Bank of England to act by increasing QE or, as the IMF have suggested, even cutting interest rates. Either course of action would be likely to hurt sterling and cause exchange rates to go lower. The announcement from the Bank of England is due at midday tomorrow.

Under the weather was the Pound, which dropped around 2c against both the Euro and US Dollar between Friday and Tuesday. Sentiment seems to be turning against sterling, and with the Bank of England meeting tomorrow to potentially increase Quantitative Easing, markets are susceptible to further losses.

The European Central Bank also have their monthly interest rate decision and press conference this lunch time, which is likely to focus the headlines back on to European debt problems – Spain this morning has appealed to other European countries to help it access credit – and we have crunch Greek elections in 11 days.

Elsewhere this week we have unemployment figures in Australia, Switzerland and Canada, while this morning’s Eurozone GDP showed a flat 0% growth in Q1, compared with Australian figures showing annual growth of 4.3%, demonstrating the gulf between the European economies and elsewhere

Main Currency Pairs * Yesterday Today
GBP/EUR 1.23730 1.23340
GBP/USD 1.53780 1.53320
GBP/CAD 1.60150 1.59850
GBP/NZD 2.04000 2.02880
GBP/AUD 1.58950 1.57220
GBP/AED 5.66690 5.67690
EUR/USD 1.24220 1.24290
GBP/CHF 1.49170 1.48540
GBP/ZAR 13.2106 13.1062
GBP/SEK 11.1735 11.1411
GBP/JPY 119.565 120.181
GBP/PLN 5.48140 5.44130
USD/PLN 3.58100 3.53700
EUR/PLN 4.41250 4.39900
EUR/CHF 1.20080 1.20090
GBP/MAD 13.7227 13.6438
PLN/EUR 0.22660 0.22730
GBP/CZK 32.0335 31.8300
GBP/DKK 9.23070 9.19090
GBP/HKD 11.8794 11.9383
GBP/HUF 380.124 374.865
GBP/NOK 9.40930 9.40440
GBP/INR 85.1168 85.6342
GBP/THB 48.8286 48.5200

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