European Central Bank now controlling how countries spend their money

Published on in Foreign Exchange News by

Sterling fell to a four week low against the Euro on Friday as the prospect of future intervention by the European Central Bank to lower record Spanish and Italian borrowing costs resulted in more optimism in the market.

The Euro rose to its highest level since July 13 and made its biggest weekly gain since late February. This followed traders disappointment on Thursday after the ECB took no immediate action to tackle the Euro Zone debt crisis.

Meanwhile, Sterling gained against the dollar tracking gains in equities and riskier currencies after better than expected US employment and manufacturing data. The pound has continued to look weak in early Monday trading as the Bank of England data showed that Sterling’s trade-weighted Index fell to its lowest level in three weeks following last week’s Euro gains.

Main Currency Pairs * Friday Today
GBP/EUR 1.27240 1.25900
GBP/USD 1.55410 1.55780
GBP/CAD 1.55900 1.55970
GBP/NZD 1.90640 1.90450
GBP/AUD 1.47810 1.47610
GBP/AED 5.70680 5.72160
EUR/USD 1.22130 1.23680
GBP/CHF 1.52790 1.52540
GBP/ZAR 12.8645 12.8451
GBP/SEK 10.5440 10.5146
GBP/JPY 122.267 121.722
GBP/PLN 5.19120 5.19300
GBP/SGD 1.94410 1.93730
EUR/PLN 4.10310 4.08920
EUR/CHF 1.20240 1.20120
GBP/MAD 13.8824 13.9902
PLN/EUR 0.24370 0.24450
GBP/CZK 31.9585 32.1100
GBP/DKK 9.41510 9.45010
GBP/HKD 12.1144 12.0589
GBP/HUF 354.162 354.245
GBP/NOK 9.36800 9.35930
GBP/INR 87.2141 86.7001
GBP/THB 49.2181 49.0914

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