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Posted October 20th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 20th October 2010

EURO/GBP – 1.140

Sterling slipped across the board yesterday as weak UK factory orders caused concerns amongst investors ahead of today’s government spending review. Figures from the Confederation of British industry dropped even further than in September which raises doubts over the robustness of the manufacturing sector. With investors very sensitive to any perceived problems with the UK recovery ahead of Wednesday’s “perfect storm” of data – with the Government’s spending review and the Bank of England’s minutes released – sterling suffered. The Bank minutes are expected to show a 3 way split on monetary policy, so ensure you speak to one of the team ASAP to ensure you are not missing out once the dust has settled from today’s announcements.  

In the Eurozone, German economic sentiment came in worse than expected at -7.2 against an expectation of -7, but sentiment for the region as a whole beat analyst expectations. In addition, the EU current account unexpectedly showed an additional 3bn deficit – rising from 4.4bn to 7.5bn in the last month. Out tomorrow, there is German inflation data. With the euro taking its lead from other currencies, this data is unlikely to have a great effect so call in to prevent the cost of your payment increasing.

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