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Posted October 22nd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 22nd October 2010

EURO/GBP – 1.128
 

Sterling fell to a 6 ½ month low against the euro yesterday after poor UK retail sales data left investors concerned that the Bank of England would look to inject further stimulus to restart the ailing recovery. Data released showed that retail sales dropped for the second month in a row which left many feeling that the recovery had peaked. Combined with the fact that Bank of England member Adam Posen voted for a resumption of stimulus through further Quantitative Easing, investors are seriously concerned about the prospects for the UK. The fallout from yesterday’s spending review did not help sterling either, with David Cameron and George Osborne vigorously defending the spending cuts. There are concerns that the cuts will adversely impact the growth prospects moving forward. Out today, there is no real data, so call in to ensure you don’t lose out.

In the Euro zone, there was a wide range of purchasing managers data released yesterday, with manufacturing figures coming in better than expected and services data slipping. Consumer confidence came in slightly worse than expected at -11 against an expectation of -10. Following relatively downbeat comments from US Treasury secretary Timothy Geithner, the euro gained 0.4% against the US dollar as investors piled in to the single currency on the belief that European interest rates would move away from the US rates. Call in now for a live exchange rate.

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