Pound Under Pressure

Posted by Nogger - a legend in his own mind at 12:00 | Categorized as

29/06/11 -- It's all supposed to be about the euro today, not that you'd realise it as it's the pound that has been taken round the back of the bike sheds and given a happy slapping.

Falling to an 8-week low against the euro of 1.1096 we are perilously close to slipping under 1.1050. If we do that then we are looking at an exchange rate against the single currency not seen since March 2010.

So what's going on? Firstly optimism seems to be growing by the minute that Greece will push it's austerity measures through parliament today. Secondly we've had the ECB head honcho Trichet hinting at an EU interest rate rise as soon as next month, coupled with the BoE governor Merv the Swerve saying that a similar move here was unlikely to be on the cards this side of Kerry Katona marrying Prince Harry.

Merv went on to further put the mockers on the slightest hint of sterling strength by refusing to rule out more QE measures. You don't want to see the pound down by any chance do you Merv? That's what happens when you put a grandad in charge. Talking of which has anyone noticed the striking resemblance between the Swervster and Clive Dunn?



Come on, that's the same bloke that is.