英貨の／純銀の 殺到するs to 15-month high of ?1.21 まっただ中に fresh 恐れるs for the 選び出す／独身 通貨's 未来

分析 by Andrew Oxlade

Why has the 続けざまに猛撃する's fortunes turned around?

The strength of 通貨s is 影響（力）d by the health of economies, の中で other factors.

The graph above shows how the euro 伸び（る）d strength against the 続けざまに猛撃する in 早期に 2011 as 投資家s sought safety in a large 通貨 まっただ中に 全世界の 不確定. But it then began a 拒絶する／低下する when the 厳しい reality of the eurozone 負債 危機 攻撃する，衝突する home in July: Greece and Portugal have needed bailouts and Italy and Spain are having to 支払う／賃金 painful 率s of 利益／興味 - around 7 per cent for the former - to borrow on international markets.

But the 落ちる in the 圏's 通貨 was 最初 slow given the depths of the problems 直面するd.

How has the euro held up for so long?

Incredibly, many international 投資家s have continued to buy euros and euro 資産s because in a world of 全世界の 不確定 it's regarded as one of the better 選択s. It remains, after all, the world's second reserve paper 通貨 after the U.S. dollar.

The 現在進行中の 利益／興味 率 gap between the Bank of England's 激しく揺する 底（に届く） 0.5 per cent and the ECB's refinancing 率 has also favoured the euro.

Having higher 率s attracts の間の 国家の 投資家s as their money 蓄積するs better 率s of return.

The eurozone's 重要な refi 率 was raised to 1.25 per cent in 早期に 2011 and up to 1.50 per cent in July, helping to 上げる the euro in the first half of the year. It has since been 削減（する） 支援する to 1.00 per cent again.

The 続けざまに猛撃する's strength was also 土台を崩すd in the autumn by the Bank of England's fresh 一連の会議、交渉／完成する of money printing. In October, it 発表するd that it would 延長する its £200billion quantitative 緩和 programme, 追加するing another £75billion. Creating new money 平価を切り下げるs the money already in 発行 with the obvious consequence of 妨害するing 英貨の／純銀の's strength.

How is the 続けざまに猛撃する 成し遂げるing against other 通貨s?

英貨の／純銀の has not only done 井戸／弁護士席 against the euro. によれば a Bloomberg 索引 that 対策 通貨s, 英貨の／純銀の has risen 3.1 per cent against a basket of nine developed-market peers in the past six months, making it the third-best performer after the Japanese yen and the U.S. dollar.

Much of this is 予定 to a belief の中で 投資家s that while Britain's 負債s are large and growing 急速な／放蕩な, there is a 信頼できる 計画（する） to slow the pace of borrowing. In the UK, the 連合 appears stable for now so the country and the economy is managed decisively, together with the Bank of England.

In the eurozone, in contrast, the 欠如（する） of political union means difficult and 決定的な 決定／判定勝ち（する）s cannot be easily made.

投資家s perceive, therefore, that the 条件s for 経済的な 回復 look better in the UK than they do across the Channel.

Still, the 続けざまに猛撃する's true golden days against the euro remain a fading memory. It 頂点（に達する）d at ?1.73 in 2000 and remained 大部分は within the ?1.40 to ?1.50 範囲 for much of the １０年間, until the credit crunch and banking 危機 誘発するd a sharp slide in 2007 and 2008. The low point was $1.04 at the end of 2008.