Sterling has continued its poor week. The purchasing managers index for manufacturing showed a significant contraction, the largest since May 2009, which undermined sterling. This coupled with the worries over the UK’s triple A credit rating has meant that there is very little support for sterling at the moment. A very mixed picture so call in for the latest update and rates.

The euro awaits today’s decisions and announcement from the European Central Bank following last week's rhetoric from the President of the ECB that they will do whatever it takes to save the euro. Interest rates on Spanish and Italian government debts have been falling but this may be short lived. Call in now to get an update and our trader’s detailed thoughts on where to next for the euro.

The US dollar has been on the main beneficiaries of the economic and debt problems in the UK and the euro zone. On Wednesday, the Federal Reserve did not announce any further measures for increasing liquidity in the US for the time being which added further support for the US dollar. The view though is that the Federal Reserve will have to pump further money into the US economy and that this could well happen in September and this would undermine the US dollar. Get an update on latest rates by calling us.

The commodity backed currencies especially the Australian dollar have seen significant strengthening over the last few weeks. Not necessarily on the back of good news at home but more on worries elsewhere especially in Europe. To find out what is happening please call us.

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