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EUR weekly currency update-17 March 2017

By Daily Market Brief - Fri 17th Mar 2017

It was almost a single-issue week for the euro, that issue being the possibility that Geert Wilders' anti-everything nationalist party could do well in Wednesday's Dutch general election. Were he to do so it would, supposedly, pave the way for an even bigger anti-EU upset in next month's French presidential election. It didn't, and the status quo was preserved. The euro enjoyed a relief rally as soon as the exit polls were revealed.

Sterling had a topsy-turvy week swinging back and forth across a one-and-a-half-cent range, often for no clear reason. It was hurt by weak UK production data and by a further slowdown in the pace of wage increases and helped by one of the Monetary Policy Committee members unexpectedly voting to increase the Bank Rate. The net result was a euro that was unchanged on the week against sterling. It added a cent and three quarters against the US dollar.

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