The envelope can also be extended to 150 billion

The parity between the euro and the pound sterling, almost reached the end of 2008, appears increasingly unrealistic. Academe British monetary authorities, the book regains ground. Tuesday, the euro fell from 1.05 to 0,8908 book. At the meeting, the threshold of 0.89 book has even crossed down and, for the first time since the beginning of the month of March. On the year 2009, the appreciation of the English currency rises already for the moment more than 7 against the currency of the sixteen. By contrast, between September 15 and the end of December 2008, the exchange rate of the euro against the pound increased from 0.79 to 0.97.

"Stress test".

The fate of the British currency is very linked to the perception of risk around leading banking sector in the economy. Recent announcements plan to purchases of us toxic assets and quarterly results better than expected, Goldman Sachs and Wells Fargo therefore offer fertile ground for a rebound of the British currency. Hope to see the "stress test", i.e. the test of the strength of banking institutions in the United States, to conclude on a series of opinion favorable end of the month, is also a positive factor. Sign of this improvement in sentiment towards banks, index "Itraxx end" measuring the risk on the less risky debt in the financial sector has significantly relaxed between its peak on 9 March, 211 points, and yesterday, where he reached 152 points. Over the same period, the pound sterling took the ascendancy over the European currency.

Except for a relatively limited episode of weakness, the unconventional measures adopted last month by the Bank of England (BoE) appear not disadvantageous for the currency. "The market believes that in the long term, the pound sterling is supported by programs made by the BoE and the Government," says even a strategist for Bank of New York Mellon, quoted by Bloomberg.

Doubts about the euro area

Monetary authorities have shown their determination to do everything to overcome the crisis by announcing, early March, that they were going to buy 75 billion pounds of debt of State three months. The envelope can also be extended to 150 billion. Than expected this device and the publication of a few less bad indicators contribute to improved sentiment towards the United Kingdom, while doubts remain about the euro area.

Investors remain divided on the outcome of the next meeting of the European Central Bank (ECB), on 7 May. The institution of Frankfurt is not committed on the way to the "quantitative easing". "It is difficult to tell if a program to purchase commercial paper and corporate debt will be set up in the Eurosystem, gentlemen Orphanides and Nowotny seem to be implicitly favour, while Mr Noyer, of the France Bank, again exposed his vision, that direct intervention on the markets is less necessary in the euro area than elsewhere".says Barclays team.

Yesterday at 22: 30, the euro depreciated also against the greenback and the Japanese currency. He retreated to 0.82, 1,3259 dollar, and 1.96, to 131,19 yen.