Sterling trading at 11-week low versus Euro

Hi everyone,


The Pound has slipped across the board the last couple of days and is ending the week down 1% versus the € and 2.5% versus the $. Whilst it was good news overall that the BoE didn't cut rates into negative territory, an additional £100bn being pumped into the economy to encourage growth, didn't go down all to well on the market. This mixed with stocks being down the last few days has caused the Pound to fall.

Also, for the first time since 1963, the UK's debt ratio has exceeded 100% of GDP. The figure is no real surprise, as the Government needed to take on the debt to prevent a tsunami of corporate collapses, but nevertheless another example of the scary times facing us. In terms of austerity, economists are mixed on their views at this stage, but a V-shaped recovery is looking very unlikely.

In terms of the UK retail sales figure this morning, take your pick of the two headlines; Retail sales grow by a huge 12% MoM or are down a huge 13.1% YoY. Overall, the figures are actually much better than expected, as the YoY figure isn't as bad as forecast and the MoM figure proves the economy is officially on the mend. The release has done little to impact the Pound however and so a good time for those with £ to buy.

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