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Posted October 25th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 25th October 2010

EURO/GBP – 1.120

Sterling fell to a 7 month low against the euro on Friday after sterling stayed on the back foot after Bank of England minutes earlier in the week suggested that the UK economy might be in store for further Quantitative Easing. In early trading today, sterling has dropped even further against the euro, hitting a low of 1.1184/£1 as financial markets begin to price in the possibility of further money being pumped into the economy. Data is fairly thin on the ground in the UK, with mortgage approval data later on today and Bank of England member Paul Tucker speaking at lunchtime. Ahead of next week’s monthly Monetary Policy Meeting, there are several members of the committee speaking publicly this week and their comments will be watched closely. Call in and speak to one of the team now to ensure you don’t lose out. 

In the Euro zone, the single currency is so far trading up 0.4% this morning as investors back the euro over the ever weakening US dollar and sterling. The euro is benefiting after a key European policy maker made comments that the European Central bank would seek to scale back on the amount of monetary assistance – in sharp contrast to the USA and UK where the relevant bodies have been discussing adding more money to the respective economies. There is industrial order data for Europe released today which is expected to show an improvement on last month. Call in now for a live exchange rate.

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