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Posted March 26th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.110

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Sterling hit a 1 month high against the euro yesterday morning as UK retail sales data for February jumped 2.1% on the month, considerably more than the 0.7% that was forecast. As a result, the pound jumped to 1.1263/ £1 but fell off later in the day as a large downward revision to January’s retail data came through, and sterling continued to suffer as concerns over the election remained and Wednesday’s Budget failed to deliver a coherent plan to pay down the £167bn deficit. The downward revision spelt caution for many as it shows that the UK recovery is still fragile. A new opinion poll out yesterday showed that the Conservatives lacked the required support in key marginal seats. With most opinion polls pointing to a hung parliament, the pound is likely to remain under considerable pressure in the next few weeks. To end the week, it is a fairly quiet day today with revised data for Quarterly business investment. This is expected to show a marginal improvement. Get in touch now for a price.

In the Euro zone, the prospect of a Greek bail out moved a step closer today as EU leaders came to an agreement on the framework of a financial package. There has been some disagreement between France and Germany, but this had clearly been resolved as the European Central Bank President Jean-Claude Trichet announced a package to be used as a last resort. In early trading this morning the euro has strengthened considerably against the pound. The Summit continues today, and there is likely to be further details released throughout the day on the package which could impact on the currency as news filters through. Get in touch now to avoid losing out on any positive movement.

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