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Posted April 26th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 26th April 2010

EUR/GBP – 1.159

Sterling had a very volatile week last week and despite the GDP figures coming in at 0.2% for the first quarter (0.2% less than expected), the pound has started the week strongly. Sterling is currently trading at $1.547/ £1 and 1.1560/ £1 – up around 0.6% against both currencies. Despite house prices growing at only 0.2% in April – the slowest rise in 3 months – the pound is up as a result of increased risk appetite following strong stock market performance overnight in Asia. Stock markets have been performing well as the first quarter ‘earnings season’ (when companies release earnings figures) has seen very strong results from many businesses, helping to fuel speculation that the recovery is fully underway. There is very little data out today, so sentiment will drive the market. Get in touch now for a price as we could see further volatility this week in the final days before the election.

In the Euro zone, with news that Greece has now activated the 45bn facility that was made available by the IMF, the euro has weakened against the US dollar and sterling. Greece has been the stalking horse of sovereign debt crisis in the region, with many investors beginning to predict problems elsewhere – an issue that could see the region in trouble for many years to come. Belgium is beginning to join Spain, Portugal, Ireland and Greece on the list of potential defaulters. There is little data out today. If you have euros to move into sterling/ US dollars, the euro could well weaken as a result of the debt crisis. Get in touch now to make sure you don’t miss out on these prices.

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