POUND
Sterling is trading slightly down against the Euro this afternoon but remains within 1.57 against the USD. Concerns that the UK economic outlook will deteriorate further as a result of the euro zone debt crisis is continuing to heat up . Mervyn King said yesterday that UK banks should build up capital to insure against the “exceptionally threatening” situation developing in the Euro zone which could well halt growth in the UK economy.
EUROSterling is trading slightly down against the Euro this afternoon but remains within 1.57 against the USD. Concerns that the UK economic outlook will deteriorate further as a result of the euro zone debt crisis is continuing to heat up . Mervyn King said yesterday that UK banks should build up capital to insure against the “exceptionally threatening” situation developing in the Euro zone which could well halt growth in the UK economy.
The Euro is trading slightly stronger against the pound today and is up nearly half a percent vs. the USD. In most recent news within the member state Angela Merkel called for a rapid EU treaty change to resolve the root causes of the euro zone’s debt crisis but warned the Europeans faced a long hard “marathon” to restore credibility. She dismissed a massive US Fed style “money printing programme” and defended the Euro stating it was much stronger than the deutschemark. French and German leaders are meeting on Monday to outline joint proposals to put to the European Union summit on Friday 9th December, viewed as a major period in this current crisis.
US DOLLAR
The USD remains weaker against the pound and Euro this afternoon ahead of the main economic news of the day in the United states. The market has been trading quietly ahead of this data at 1:30pm with US non-farm payrolls expected to show an increase of 122,000 jobs and a positive surprise in employment numbers could help improve risk appetite globally seeing a sell off in the USD, in favour of the riskier pound.
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