Good morning and welcome to today\u2019s foreign exchange market commentary on Thursday, the 2st of February.<\/p>\n
The common currency made some smart recovery after strong European manufacturing data and better than expected US construction numbers hit the market. UK manufacturing data made the smartest recovery, bouncing back to its highest level since May 2011. Of course, one swallow doesn\u2019t make a summer, but the double-dip recession can wait.<\/p>\n
The new set of data will not alter the BoE\u2019s long term outlook of the economy, especially, if the EU crisis continues to linger. So the quantitative easing is probably happening in February. The euro will probably survive, but Greece\u2019s eventual exit may not be averted.\u00a0 However, a prolonged recession in Europe will surely affect British economy, and a growth driven by domestic consumption can possibly ensure that the UK coming out of a shallow and short-lived double-dip recession.<\/p>\n
CURRENCY RATES OVERVIEW\u00a0<\/strong><\/p>\n GBP\/EURO<\/strong> \u2013\u00a01.2014
\nGBP\/US$<\/strong> \u2013 1.5834
\nGBP\/CHF<\/strong> \u2013 1.4494
\nGBP\/CAN$<\/strong> – 1.5799
\nGBP\/AUS$<\/strong> \u2013 1.4758
\nGBP\/ZAR<\/strong> \u2013 12.1091
\nGBP\/JPY<\/strong> \u2013\u00a0120.58
\nGBP\/HKD<\/strong> \u2013\u00a012.2822
\nGBP\/NZD<\/strong> \u2013 1.8994
\nGBP\/SEK<\/strong> \u2013\u00a0 10.6320<\/p>\n