Euro (€) Currency Thread

dealsearcher

Yeah it's just bounced off 1.088 to 1.094.

antenna

dealsearcher wrote: »

Yeah it's just bounced off 1.088 to 1.094.

I am hoping-to save my credability,that it is not a "dead cat bounce"

inspector_monkfish

good morning

currently trading at 1.0850

inspector_monkfish

00:15 10Mar09 UK Feb Same Store Retail Sales Slow - BRC

0015 GMT (Dow Jones) U.K. retail sales slow in February, with same store sales down 1.8% on-year, while total sales +0.1%, says British Retail Consortium.

Compares with expectations for total sales +1.3%, according to Dow Jones poll, surprising strength in January's sales. "These are disappointing figures. It's now clear we were right to fear January's surprise year-on-year sales rise was just a discount-driven blip," says Stephen Robertson, director general at BRC; "The short burst of spending unleashed by January clearances has largely vanished, replaced by sales as weak as most of last year." Helen Dickinson, head of retail at KPMG, says clothing fared especially poorly in February, impacted in part by snowy weather earlier in month; with sales data continuing to weaken, "more announcements of job losses and other cost-cutting measures in the sector look likely in the short term."

dealsearcher

Yeah I am getting a bit annoyed now. I have to make a euro purchase this week and the prediction from certain quarters was for a pound rise to 1.15 this week. The Lloyds bank fiasco has been known for some time so why the panic selling of the pound now? It should have been priced into the rate a long time ago.

Oh well that'll teach me for listening to anonymous advice from a money forum!

Logically the pound should bounce back from this. Pretty much all of the bad news should now be out by now.

inspector_monkfish

07:40 10Mar09 EUR ECON: Lower German Trade Surplus on Weaker Exports

[07:40 EUR ECON: Lower German Trade Surplus on Weaker Exports] Mar 10
Yesterday it was Japan s first c/a deficit since 1996 and today we have
Germany s trade surplus narrowing to its lowest level in 7-years. The trade data continue to reflect the weakness in global demand and trade. With real sector data still showing little signs of stability the weakness in exports will
continue to weigh on growth. Exports fell 4.4% m/m while exports fell by 0.8% m/m for January.

inspector_monkfish

trading at 1.0875 now

inspector_monkfish

07:45 10Mar09 DJN-DJ FRENCH JAN BUDGET GAP WIDENS TO EUR8.1B VS EUR6.6B JAN '08
07:45 10Mar09 French Jan Budget Gap Widens To EUR8.1B Vs EUR6.6B




PARIS--France's budget deficit widened to EUR8.1 billion in
January compared with a EUR6.6 billion shortfall posted in the year-earlier
period, the Budget Ministry said Tuesday.

Expenditure shrank to EUR22.2 billion from EUR23.4 billion a year before, but income fell even more to EUR17.9 billion from EUR19.9 billion, mainly due to measures contained in the government's EUR26 billion stimulus plan, the Ministry said.

inspector_monkfish

dealsearcher wrote: »

Yeah I am getting a bit annoyed now. I have to make a euro purchase this week and the prediction from certain quarters was for a pound rise to 1.15 this week. The Lloyds bank fiasco has been known for some time so why the panic selling of the pound now? It should have been priced into the rate a long time ago.

Oh well that'll teach me for listening to anonymous advice from a money forum!

Logically the pound should bounce back from this. Pretty much all of the bad news should now be out by now.

This Lloyds news being an excuse for GBP to sell off against all currencies just doesn't wash me. I just don't get it!

As you know, I am a trader in a Japanese Bank in the City, but in the Money Markets, not Foreign Exchange markets.

I could give you a list of European Banks that we have simply been told NOT to trade with as they are considered a bad risk.

They are ALL big Banks that we used to deal with everyday in massive amounts, but over the past 6mths the list has grown longer and longer.

It includes pretty much every German Landesbank, some huge Belgian Banks, Austrian Banks, Dutch Banks, French Banks, and a whole heap of Spanish and Italian Banks, and wouldn't dare touch a Portugese Bank !

But all these Banks used to be major major players in the Money Markets, but now we cannot deal with them because of their credit risk.

So why the sudden furore over Lloyds and its effect on GBP, I just do not know, or understand!

For your guide.... we have not been told to stop dealing with ANY UK Banks.

dealsearcher

Inspector,

I may well start to believe in the conspiracy theories. :eek: