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Posted October 18th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 18th October 2010

EURO/GBP – 1.144

Sterling rose to the highest level against the US dollar since the end of January on Friday after Fed Chairman Ben Bernanke said that low inflation gave a case for more intervention by the Federal Reserve. Sterling hit a high of $1.6108/£1 – the highest since Jan 29th, but further gains were limited as the prospect of further monetary easing had already been priced in by many over the last few weeks. Against the euro, sterling gained marginally following demand to convert euro dividends into sterling. The key data out this week is released on Wednesday with the results of the now infamous spending review due alongside the minutes from the Bank of England’s recent meeting. With 2 members of the committee recently advocating further Quantitative Easing, these meeting minutes could see serious volatility – ensure you are protected before Wednesday to avoid losing out.

In the Eurozone, it is a relatively quiet week for data in the region, with the major release coming on Thursday in the form of business surveys for manufacturing and services data. Both figures are expected to show a slowdown, but with the focus on the US and UK this week as concerns over their respective recoveries grow, the euro is likely to have a relatively strong week. Call in now for a live exchange rate.

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