The Pound saw gains against the majors after the economy probably grew for the first time in over a year in the third quarter. A slight pickup in manufacturing and service industries ended the worst recession since World War II. Chancellor of the Exchequer Alistair Darling said this week he will focus on cementing the recovery in time for a general election. BOE Governor Mervyn King said there should be no illusion that a return to growth will be smooth. Policy makers will decide in two weeks whether more bond purchases will be necessary to boost growth.
The Euro fell back below 1.50 against the dollar on Thursday, after recovering stocks helped push it to its highest level in 14 months. The euro's break above the psychologically important level of 1.50 came as a rallying stock market further sapped the U.S. currency's appeal as a safe-haven investment. However the Euro strength against the Dollar was not matched against the pound as GBP continues to climb above 1.10
A final summary bringing the two paragraphs together and giving your opinion on where this implies we are headed in short to medium term might have rounded this out nicely.
Hi Ben yes I can see that now, but I’ve only got a very limited amount of time in the morning before the info I have written could have changed. So I have to get it out very quickly.
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