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Posted July 19th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 19th July 2010

EUR/GBP – 1.181

Sterling fell on Friday, hitting the lowest level against the euro since June 1st as strong European stock markets helped drive demand for the single currency. Strong corporate earnings from the USA have also helped drive demand for higher risk currencies. Given the concerns over sovereign debt in the region, the euro is perceived as one of the highest risk currencies, and as such, saw a surge in value on Friday as investors bought in. The euro’s strength also helped pull the pound away from the 2½ month highs against the US dollar, but the pound’s losses were limited against the US currency after it closed above a key technical level on Thursday. The start to the week is fairly quiet ahead of key data later in the week. Friday sees the 1st estimate for 2nd Quarter GDP alongside monthly retail sales data released on Thursday. The market is likely to move in relation to expectations over the GDP figure – call in now to ensure you get the very best rate.

In the Euro zone, the single currency strengthened on Friday, retracing some of the ground lost between March and June against both the US dollar and sterling. One of the major drivers behind Friday’s strength was the recent rise in bank-to-bank cash lending rates, which saw European stock markets rise. The big event this week in Europe is the long awaited stress tests of European banks. Stress tests are where the banks run theoretical scenarios to ensure that they have enough capital to avoid collapse. Get in touch now to ensure that you don’t miss out – especially if you are moving euros into sterling.

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