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Posted March 24th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.119

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Sterling fell yesterday after data yesterday morning showed that the rate of consumer price inflation fell. This reinforced expectations that inflation may have peaked for the time being and as a result the Bank of England is likely to keep monetary policy loose for some time to come. Last month, when inflation came in at 3.5%, many analysts expected to see an interest rate hike brought forward by the Bank. However, yesterday’s figure of 3.0% (which undershot expectations by 0.1%) reiterated Mervyn King’s comments that inflation would drop as the economy slowly recovered. In addition, two opinion polls out gave mixed messages with neither party gaining a clear majority but differing over which party would have the most votes. The big news today is the Budget. Markets will keep a very close eye on today’s announcement for any mention of deficit-cutting measures. Get in touch for a price, as there could be volatility following the lunchtime announcement.

In the Euro zone, an anonymous official in the German Finance Ministry was quoted by Bloomberg stating that France and Germany had struck a deal to include the IMF in a bailout of Greece. European leaders head to Brussels tomorrow for the summit. Anything less than a clear and decisive plan to help the country is likely to have negative implications for the euro and risk appetite globally. Out today, data from purchasing managers in the region and business sentiment has beaten expectations. Get in touch now for a price.

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