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Posted March 23rd, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.111

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Sterling started poorly yesterday against the euro and US dollar, but recovered ground as the euro lost out as concerns over Greece took centre stage. The pound was up 0.4% against the US dollar at $1.5089/ £1 and 0.3% up against the euro at 1.1140/ £1 at the end of the day. Governor of the Bank of England Mervyn King spoke yesterday and reiterated that, despite improving growth forecasts, levels of economic activity were likely to remain weak for a considerable period. Despite this, he did expect recent GDP figures to be amended upwards again. Inflation data for February is published today, which is expected to show a drop from January’s 14 month high of 3.5%. This is a key piece of data which can cause volatility if the figure is not expected. Get in touch now for a quote.

The euro came under pressure yesterday as European leaders sent mixed signals over a Greek bailout. Angela Merkel is still adamant that German public funds should not be used to support Greece and that aid should not be on the agenda at this week’s meeting of the European Commission. This comes despite the European President stating categorically that an agreement must be reached on financial assistance. Aside from this, there is little on the economic calendar today as the focus shifts to the UK for data. Get in touch now for a price to avoid losing out.

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