UK GDP unchanged, as German bond sale turns sour

24 November, 2011


This morning’s UK GDP figures were not revised from last month’s reading – avoiding a potential banana skin for the Pound. Meanwhile in Germany a sale of government bonds resulted in half the €6bn on offer not being sold, as Eurozone worries spread further.

The Eurozone ‘dithering’ on a coherent strategy to tackle the debt crisis has kept the Euro relatively weak, although exchange rates for buying Euros seem averse to moving much beyond their current trading range against sterling.

Sterling is in fact falling back a little against most major currencies today. We also have a bank holiday in US markets, so payments to and from the USA will be delayed until tomorrow.