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Jul

22

Euro falls against sterling on trading platforms

July 22nd, 2010

The euro fell against sterling yesterday (July 21st), amid the view that inflation was set to remain stubbornly high.

Reuters reports a 0.1 per cent decline was seen for the euro to take it to 84.28p, while earlier in the day it had been at 83.75p on trading platforms, close to the 50-day moving average.

Commenting on the changes, Ian Stannard, senior currency analyst at BNP Paribas, said: "The euro is generally weaker so euro/sterling is down but overall I think the outlook for the pound is negative after the Monetary Policy Committee questioned the UK’s growth outlook."

Traders may now be looking forward to first estimate gross domestic product data tomorrow, which is expected to show the UK economy expanded by 0.6 per cent in the second quarter.

The news agency stated by 08:47 BST yesterday the euro was 0.1 per cent higher against the dollar on trading platforms, taking it to $1.2895.

This entry was posted on Thursday, July 22nd, 2010 at 10:53 and is filed under Trading News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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