Environmental Markets Correspondent/Communities Editor
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Jul 24, 2012

Sterling firms after European, US data; awaits GDP

LONDON, July 24 (Reuters) – Sterling firmed against the euro
and the dollar on Tuesday after weak manufacturing data in the
euro zone and the United States, though investors were cautious
before Wednesday’s second quarter UK economic output data.

The euro zone’s private sector shrank for a sixth successive
month in July, according to purchasing manager data, making it
increasingly likely the bloc will slide back into recession,
while U.S. manufacturing activity expanded at its slowest pace
since late 2010.

Jul 24, 2012

Sterling steadies, eyes on Wednesday’s GDP data

LONDON (Reuters) – Sterling held steady on Tuesday after falling nearly 1.5 percent against the dollar since late last week as investors looked to Wednesday’s second quarter GDP data for further direction.

The pound was flat against the dollar at $1.55.

The UK currency also steadied against the euro though analysts said it was poised for further gains following below-forecast euro zone economic data.

Jul 23, 2012

Sterling down on euro zone woes as dollar shines

LONDON, July 23 (Reuters) – Sterling touched a week-low
against the dollar on Monday, pulled down by weakness in
euro/dollar as worries over Spain and Greece’s debt problems
drove investors to seek sanctuary in the greenback and avoid
perceived riskier currencies.

The pound dropped further after Spain and Italy announced
bans on short selling of financial stocks, aimed at discouraging
speculative trading that could weigh on the countries’ banks and
insurers.

Jul 23, 2012

Sterling hits 3-1/2 year high against tumbling euro

LONDON, July 23 (Reuters) – Sterling climbed to a more than
3-1/2 year high against a tumbling euro on Monday as worries
over Spain and Greece’s debt problems drove investors to the
relatively safe haven of the UK currency.

Spain’s borrowing costs jumped to euro-era highs after media
reports that six more of the country’s regions could follow in
Valencia’s footsteps and seek central government aid.

Jul 23, 2012

Sterling hits 3-1/2 year high against tumbling euro

LONDON, July 23 (Reuters) – Sterling climbed to a more than
3-1/2 year high against a tumbling euro on Monday as worries
over Spain and Greece’s debt problems drove investors to the
relatively safe haven of the UK currency.

Spain’s borrowing costs jumped to euro-era highs after media
reports that six more of the country’s regions could follow in
Valencia’s footsteps and seek central government aid.

Jul 20, 2012

Euro falls broadly as Spain woes intensify

LONDON (Reuters) – A struggling euro hit a session low against the U.S. dollar and record lows against the Australian and Canadian dollars on Friday after Spain’s Valencia region said it will seek central government help to repay its debts.

The news intensified concerns that Spain, the euro zone’s fourth largest economy, may not be able to avoid a full-blown international bailout, with 10-year yields trading above the 7 percent level that is seen as unsustainable.

Jul 19, 2012

Euro firms versus dollar, Australian dollar shines

LONDON (Reuters) – The euro edged up against the dollar on Thursday but fell to a record low against the Australian dollar, with gains in equities buoying demand for riskier and higher-yielding currencies.

Spain earlier sold 3 billion euros in debt at a cost of higher borrowing costs than previous auctions, reminding investors of the funding and economic problems facing Spain.

Jul 18, 2012

Euro slides as Merkel comments spook market

LONDON (Reuters) – The euro fell broadly on Wednesday after a media report that German Chancellor Angela Merkel said she could not be sure the European project would work spooked investors already cautious about the outlook for the common currency.

Although Merkel went on to say she was optimistic the project would succeed – a reiteration of her usual line on the topic – euro sold off broadly.

Jul 17, 2012

Dollar on the backfoot ahead of Bernanke testimony

LONDON, July 17 (Reuters) – The dollar slipped against the
euro and most other major currencies on Tuesday before testimony
from U.S. Federal Reserve Chairman Ben Bernanke, who could hint
at more monetary stimulus after recent disappointing U.S. data.

With investors positioning for more quantitative easing by
the Fed, analysts saw a risk that the dollar may bounce or
assets such as stocks and growth-linked currencies could drop if
the Fed chief stops short of signalling more stimulus.

Jul 17, 2012

Dollar struggles before Bernanke testimony

LONDON (Reuters) – The dollar slipped against the euro and most other major currencies on Tuesday before testimony from U.S. Federal Reserve Chairman Ben Bernanke, who could hint at more monetary stimulus after recent disappointing U.S. data.

With investors positioning for more quantitative easing by the Fed, analysts saw a risk that the dollar may bounce or assets such as stocks and growth-linked currencies could drop if the Fed chief stops short of signaling more stimulus.

    • About Michael

      "Michael Szabo is an environmental markets correspondent based in London, UK. His focus is on carbon emissions trading, but also looks at renewable energy and climate change policy and science. He also manages the Global Carbon Forum."
      Joined Reuters:
      June 2005
      Languages:
      English, French
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