The period has been dominated by US dollar weakness as the political turmoil, and lack of progress continues in America. Combined with generally good economic data emerging from the Eurozone it has resulted in the Euro rallying significantly against the Dollar. Sterling has also done well despite lacklustre news against the dollar, but slipped slightly verses the Euro.
Archive | July, 2017
We were proud to attend the event, which recognises local companies which have achieved high levels of sustained growth over a three year period.
Sterling re-established itself at levels against the US Dollar that were last seen prior to the result of the UK General Election a month ago, touching 1.30 briefly at the close of June. The reason for the about turn on Sterling were the comments made by the Bank of England Governor Mark Carney who, from a week earlier had said that an interest rate hike was unlikely which had led to a selloff in the pound, to hawkish comments that the Bank would start to reduce Quantitative Easing and that they would need to manage inflation = interest rate increase?