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Sterling hits fresh highs against euro

Published:  24 April, 2012

Sterling hit fresh highs of 1.2270 against the euro yesterday, as fears surrounding the Eurozone were once more at the forefront of traders' minds.

Sterling hit fresh highs of 1.2270 against the euro yesterday, as fears surrounding the Eurozone were once more at the forefront of traders' minds.

Currency rates  - April 24

EURO/GBP - 1.2245

US$/GBP - 1.6131

CHF/GBP - 1.4722

CAN$/GBP - 1.5981

AUS$/GBP - 1.5701

ZAR/GBP - 12.6412

JPY/GBP - 130.59

HKD/GBP - 12.5249

NZD/GBP - 1.9841

SEK/GBP - 10.889

AED/GBP - 5.9214

US$/EURO - 1.3175

INR/GBP - 85.14

The main release today will be the public sector net borrowing figures which the markets will keep a close eye on to see if there is any movement away from the expected £15.6 billion value.

 

 

A raft of poor services and manufacturing Purchasing Managers' Index (PMI) data released in the Eurozone caused the euro to weaken off against the majority of currencies yesterday. Uncertainty continued to spread in the region as the developments in the French presidential elections unsettled the markets.

 

 

The US dollar performed well yesterday strengthening against the majority of currencies due to its safe haven status as risk aversion drove the market. Data released today includes retail sales, consumer confidence and new home sales figures all of which have the potential to cause volatility in the markets.

 

 

Elsewhere, the Australian dollar was one of the worst performing currencies yesterday as weaker than expected Australian Producer Price Index (PPI) figures were released and risk aversion was one of the main drivers in the market. The Japanese yen was strong yesterday due to its safe haven status. The Australian Consumer Price Index (CPI) was released late last night and the other main data on the agenda is Canadian retail sales and a member of the Bank of Canada is also speaking.



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