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Posted July 27th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 27th July 2010

EUR/GBP – 1.190

Sterling hit a 5 month high against the US dollar in early trading this morning, tentatively reaching $1.5530/£1 in early trading as investors looked to target ‘riskier’ trades. Following Friday’s generally benign stress test results for European banks, stock markets rose globally yesterday as appetite for risk grew amongst global investors despite heavy criticism of the tests from many commentators for not going far enough. Sterling has benefited from strong economic data recently and this has seen strength against the US dollar. Many analysts pointed to the fact that the pound is limited in where it can go against the US dollar simply by the sheer performance it has put in over the last week, but there is potential for the pound to strengthen further against the euro. After a very quiet day yesterday on the data front, there is CBI realised sales data out today which is a useful indicator of sales volume/ performance amongst retailers and wholesalers. Call in now for a live exchange rate.

In the Euro zone, the results of the European stress tests on Friday continue to be the main source of trading movement. 91 banks passed and only 7 failed, which has prompted a surge in investor risk appetite, but the manner of the tests has attracted criticism for not delving far enough into the balance sheets of banks which are clearly in trouble. So far today German consumer confidence has showed a mild improvement and later today there is money supply and private loans data. There is scope for significant movement – get in touch now to avoid missing out.

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