Forex: Euro gains against Sterling to reach new 5-month high
Important: This page is part of archived content and may be outdated.
Euro gained against the Sterling in this morning’s trading session hitting a new high since October 2010. EURGBP hit 0.8858. Since the European Central Bank rose interest rates on Friday by 25 basis points for the first time since July 2008 for a new rate at 1.25%. There are high expectations for yet another rate hike in the near future which gives a further boost to the Euro. Meanwhile, the Bank of England chose to keep their key interest rate unchanged at 0.5%, weakening the Pound.
The Single Currency has also gained against the US Dollar, reaching a new 15-month high on Friday 1.4486. It has since remained on high ground and is currently trading at 1.4458 intra-day level. The US Dollar has weakened as concerns of a government shutdown loomed last week. After Friday’s meeting, policymakers remain in a stalemate on due to disagreement on budget cuts. The Federal Reserve plans to purchase Treasuries until June in order to stimulate economic growth.
BNP Paribas Analyst Ray Attrill commented: “The underlying demand for the euro, because of the continued dislike for the dollar, is unrelenting. He added, “The risk is that we’ll see U.S. interest rates trending lower at the same time that we get more confidence about further rate hikes in the rest of the world.”
By clicking “Continue”, you agree to the default cookie settings on our website.
Trading Point uses cookies to ensure that we provide you with the best experience while visiting our website. Some of the cookies are needed to provide essential features, such as login sessions, and cannot be disabled. Other cookies help us improve our website’s performance and your experience through personalising content, providing social media features and analysing our traffic. Such cookies may also include third-party cookies, which might track your use of our website. You may change your cookie settings at any time.
Cookies are small data files. When you visit a website, the website sends the cookie to your computer. Your computer stores it in a file located inside your web browser.
Cookies do not transfer viruses or malware to your computer. Because the data in a cookie does not change when it travels back and forth, it has no way to affect how your computer runs, but they act more like logs (i.e. they record user activity and remember stateful information) and they get updated every time you visit a website.
We may obtain information about you by accessing cookies, sent by our website. Different types of cookies keep track of different activities. For example, session cookies are used only when a person is actively navigating a website. Once you leave the website, the session cookie disappears.
Why are cookies useful?
We use functional cookies to analyse how visitors use our website, as well as track and improve our website’s performance and function. This allows us to provide a high-quality customer experience by quickly identifying and fixing any issues that may arise. For example, we might use cookies to keep track of which website pages are most popular and which method of linking between website pages is most effective. The latter also helps us to track if you were referred to us by another website and improve our future advertising campaigns.
Another use of cookies is to store your log in sessions, meaning that when you log in to the Members Area to deposit funds, a "session cookie" is set so that the website remembers that you have already logged in. If the website did not set this cookie, you will be asked for your login and password on each new page as you progress through the funding process.
In addition, functional cookies, for example, are used to allow us to remember your preferences and identify you as a user, ensure your information is secure and operate more reliably and efficiently. For example, cookies save you the trouble of typing in your username every time you access our trading platform, and recall your preferences, such as which language you wish to see when you log in.
Here is an overview of some of the functions our cookies provide us with:
Verifying your identity and detecting the country you are currently visiting from
Checking browser type and device
Tracking which site the user was referred from
Allowing third parties to customize content accordingly
This website uses Google Analytics, a web analytics service provided by Google, Inc. ("Google"). Google Analytics uses analytical cookies placed on your computer, to help the website analyze a user's use of the website. The information generated by the cookie about your use of the website (including your IP address) may be transmitted to and stored by Google on their servers. Google may use this information to evaluate your use of the website, to compile reports on website activity and to provide other services related to website activity and internet usage. Google may also transfer this information to third parties, where required to do so by law, or where such third parties process the information on behalf of Google. Google will not associate your IP address with any other data held. By using this website, you give your consent to Google to process data about you in the manner and for the purposes set out above.
Change Settings
Please select which types of cookies you want to be stored on your device.
